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LEGACY ROAD - FAMILY OFFICES - Laurence Richards (CEO)
120 South El Camino Drive, Suite 220
Beverly Hills, CA 90212
Legacy Road is a premier provider of wealth management and advisory services for affluent individuals and families.
We offer a results-driven investment approach that provides our clients an integrated and strategic process to manage and grow their diverse assets.
Our proven expertise and track record focuses on comprehensive wealth management services across a full range of traditional and alternative investments.
Legacy Road is dedicated to managing and growing financial legacies for affluent individuals and families.
We fulfill this mission through strict adherence to four key objectives: comprehensive investing, strategic management, account transparency
and client results.
We advise clients on all aspects of their wealth, including cash, equities, fixed income, hedge funds, private equity and real estate.
We also analyze the liquidity needs and cash flow issues related to family owned businesses and other privately held business interests.
We create customized strategic plans that utilize a comprehensive approach to fulfilling a client's needs.
In addition to making and implementing investment recommendations, we also coordinate account management with all of the financial institutions, institutional partners and advisors associated with our clients.
We ensure that clients have access to their accounts at all times. Our
institutional custodians provide clear reporting and current account
As a result, we are able to provide relevant investment advice, based off
the client¹s unique needs, leading to efficient account management,
improved risk controls, and increased returns.
Our focus is on wealth preservation and conservative investments which contribute to our client's financial bottom line.
The fees we charge are based only on assets under management and we do not
accept any form of compensation from any of the institutions in which we invest.
Legacy Road is a premier provider of wealth management and advisory services for affluent individuals and families.
While the successful management and growth of a client's portfolio is our ultimate goal, the process by which we get there is also of critical importance. We offer a results-driven investment approach that provides our clients an integrated, strategic and comprehensive process to manage and grow their diverse assets.
Our proven expertise focuses on wealth management and advisory services across
a full range of investments including cash, fixed income, equities, hedge funds,
real estate, private equity and family businesses.
Our clients participate in an integrated strategic planning process to clarify and develop strategic goals encompassing all of their investments. This process is essential to creating customized plans which ensure that assets are managed within the context of a comprehensive investment strategy.
We develop investment goals based on client consultations as well as current and future investment opportunities. This process helps the client and the firm to further clarify client objectives and devise appropriate investment strategies. We also offer monthly meetings during which we provide our clients with a detailed financial analysis of their investments.
Our clients benefit from the firm's centralized account management process.
We utilize our various resources and areas of expertise to ensure the effective management of our clients' diversified investment portfolios.
Our firm manages a wide range of traditional and alternative investments including cash, fixed income, equities, hedge funds, private equity and real estate.
We invest assets through our direct institutional relationships and we offer a fully integrated portfolio by overseeing investments from various outside institutions whenever they provide advantages for our clients.
We also oversee investments in family businesses and other diverse forms of private equity. In so doing, we take into account various needs concerning tax and estate planning and charitable giving.
We believe that asset safety is critical in a market consistently threatened by financial fraud. As a result, our firm has instituted a variety of risk management controls which enhance the safety of all client investments.
Our clients have final authority over their accounts and can communicate directly with all financial institutions holding assets. All statements are sent to clients and the firm's privilege of receiving client information is subject to ongoing approval.
Our firm performs intensive investment due diligence, using quantitative and qualitative measures to focus on investment history, future outlook and risks to help clients achieve optimal allocations.
ALIGNMENT OF INTERESTS:
We make certain that the interests of our firm are clearly aligned with the interests of our clients. This alignment of interests ensures that we act in the best interests of our clients at all times.
The case study below is a history of the investment management services provided by our firm to a family holding significant investments in publicly traded equities and fixed income as well as privately held investments in real estate and retail.
When our firm first met the Morrison family (the family's name has been changed) in January 2006, Glenn Morrison, 70 years old, was Founder and CEO of a national retail chain. His son, Alex Morrison, 46 years old, was Founder and CEO of an investment management company with holdings in excess of $1 Billion. Glenn and Alex had substantial investment portfolios and Alex's wife and children had significant investments of their own.
CREATING THE FAMILY OFFICE:
At the beginning of 2006, the investments of the Morrison family were held at various financial institutions, many of which charged fees of 1% or more. The family lacked an overall investment plan as well as specific investment plans for each family member.
Our firm identified the various investment objectives of the Morrison family. We analyzed risk tolerance, time horizon, investment preference and investment history. In consultation with our clients, we decided upon an overall plan of conservative growth.
Using the strategic plan as a guide, we developed an asset allocation mix for each family member, balancing Glenn's low tolerance for risk, Alex's conservative and opportunistic objectives, and the needs of Alex's wife and children for liquidity and funding for education.
SELLING THE FAMILY BUSINESS:
Our firm provided operational and strategic advice to the family concerning the daily functioning of the family business. We helped the family streamline and improve the financial bottom line.
Our firm played a key role in helping the family complete a sale of a majority stake in the business to a private equity firm by coordinating with the buyer, the family, and the parties' attorneys and investment bankers.
Our firm assisted the family and the family's accountants and lawyers with tax and estate planning vis-à-vis the sale of the business. We analyzed the impact of the sale on the remaining investment portfolios of each family member. We developed and implemented a revised investment plan to preserve and grow assets.
MANAGING THE LIQUIDITY EVENT:
We decided upon a conservative plan for asset allocation that emphasized cash, cash equivalents, fixed income, select equities and hedge funds. This investment strategy was created based on the belief that equities were close to a peak as well as Glenn's age and proximity to retirement.
Our firm designed a plan with the family to invest significantly in cash equivalents, thereby avoiding the downturn in equities in 2008. Remaining interests in the retail chain were sold at the end of 2008 to younger family members at newly discounted levels, adding to the family legacy. By Spring of 2009, the family held the majority of its investments in cash and short-term instruments and had already made new investments to benefit from the rise in equities that had begun in March 2009.
Our firm currently manages each of the family members' portfolios based on the changing market environment and the family's evolving needs. The family benefits from strategic wealth management principles which are focused on ensuring the safety of all client assets and achieving measurable results that impact the client bottom line.
Our executive team has experience in many areas of wealth management as well as business operations and corporate finance.
This breadth of experience from within and outside the wealth management industry enables us to implement our strategic approach to investing.
Laurence Richards, Chief Executive Officer, oversees investment management. Since 2006, he has managed investments for affluent families with extensive holdings in the public and private markets, and family owned business interests.
Mr. Richards is active in various professional associations. Since 2009, he has been advising the Marshall School of Business at the University of Southern California regarding the creation of a Family Office Institute. From 2003-2009, Mr. Richards represented a select group of families that were members of the Family Office Exchange, the leading organization dedicated to serving the needs of affluent individuals and families with an average asset size of $250 million.
Mr. Richards previously worked in finance in a role that reported to the President of the New York Mercantile Exchange, the world's largest physical commodity exchange. He advised the executive team on key strategic planning initiatives.
He holds an M.B.A. from the Marshall School of Business at USC, an M.A. in Education at the Claremont Graduate School, and a B.A. in History from the University of Pennsylvania with coursework at the Wharton School of Business.
David Libman, Managing Director, advises families concerning real estate and other alternative assets.
Since 2004, he has been directing investments in commercial real estate for a privately held real estate investment firm. In this position, he sources, evaluates and acquires real estate for the firm. Mr. Libman has successfully closed deals valued in excess of $400 million. In addition, he has advised individual family members concerning real estate projects valued in excess of $1 billion.
Mr. Libman has lectured on real estate acquisitions at the university level and he has been interviewed for national publications including Multifamily Executive, a leading real estate trade magazine, and The Wall Street Journal.
He holds an M.A. in Real Estate Finance from New York University and a B.S. in Mechanical Engineering from Tulane University.
Brett Gottlieb, Director of Operations, supervises the firm's internal operations. He is the Co-Founder of OfficialQuote Insurance Services, LLC, an online insurance company providing life, health and travel insurance since 2004. Previously, he worked with such companies as Blue Shield and USI Consulting Group to increase sales through online and offline marketing strategies.
He is also a licensed insurance agent (CA Insurance Lic. #0C68886) in all 50 states, a Registered Representative with FINRA, and an Investment Advisor Representative. He holds a Bachelors of Science Degree in Business Administration with an emphasis in Marketing and a Bachelors of Art Degree in Economics, both from California State University, Chico.
Legacy Road Private Wealth Management offers a unique value proposition in that we provide multiple families with the comprehensive investment management services only found in a single-family office. We also avoid the limitations typically associated with financial service institutions.
WHAT IS A FAMILY OFFICE?:
A family office is an entity that supports the complex financial needs of affluent individuals and families by providing customized portfolio management services.
Over the past century, family offices have met the diverse and challenging needs of affluent clients by managing public and private investments, coordinating communication between various financial institutions, overseeing investment reporting and offering strategic counsel across entire investment portfolios.
Our firm has been advising clients since 2003. Over the past several years, we have provided strategic counsel and managed holdings across various asset classes, including investments in cash, fixed income, equities, hedge funds, private equity and real estate, as well as interests in family owned businesses.
We have managed and grown the investments of our clients by capitalizing on market opportunities with a special emphasis on employing strategies to minimize the impacts of the market downturn beginning in 2008. Since our inception, we have also played a critical role in providing our clients with guidance concerning the management, purchase and sale of ownership interests in family businesses.
Our firm is a registered investment advisor with the Securities and Exchange Commission under Richards Capital Management LLC.