Episode Details

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode is with someone who is an expert on the RIA market and the wealth management business model.

We talk with Karl Heckenberg, the President & Managing Partner of Constellation Wealth Capital, an investment firm that recently closed on a $1B debut fund dedicated to providing differentiated, long-term capital solutions to well-positioned independent wealth management firms in the $8T and growing wealth management sector.

Karl’s deep experience in wealth management as both an investor, from his time as the CEO of Emigrant Partners and its affiliated company, Fiduciary Network, and time on the advisor side at Merrill Lynch, A.G. Edwards & Sons, Wells Fargo, and Charles Schwab, puts him in a position to understand the inner workings of wealth management businesses. He’s also sat on the boards of Sarasota Private Trust Company, New York Private Trust Company, and Cleveland Private Trust Company, and is currently on the board at Alternative Fund Advisors.

CWC has made investments into some of the industry’s leading wealth management firms, including AlTi Global, Cresset Partners, AlphaCore, Lido, and others.

Karl and I had a fascinating conversation about the evolution of the wealth management industry and why it’s become such an attractive investment opportunity. We discussed: 

• The intricacies of business growth and serving clients.
• Why private markets are such a critical component to differentiating a wealth management firm.
• Why we’ll see a $1T independent wealth management business in the coming years.
• The parallels between the business evolution of alternative asset managers and wealth managers.

Thanks Karl for coming on the show to share your wisdom and expertise at the intersection of wealth management and private markets.

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