Robertino Coury, founding father of ÉO Administration, the single-family workplace that manages the Coury household’s property, and Andrew Sternlight, the previous chief of employees to Bridgewater’s Ray Dalio, have launched a household workplace that can function an affiliation mannequin for ultra-hight-net-worth advisors and SFO executives.
LinePoint Companions & Co. begins with about $400 million to $500 million in property, with the Coury household workplace because the cornerstone shopper. However Coury burdened they’re not within the enterprise of going after high-net-worth shoppers and competing with the advisors that come onto the platform.
Quite, any referrals will likely be handed on to the advisors. The concept of LinePoint is to supply a platform for breakaway advisors and a household workplace infrastructure for SFO executives.
The brand new RIA will use Goldman Sachs Advisor Options, Goldman Sachs’ financial institution and Northern Belief for custody, in response to regulatory filings.
“There’s actually nothing on the market that exists for single-family workplaces and doing what Dynasty did however within the SFO house,” Coury stated. “We expect that there is baseline stuff that must be set as much as give the household workplace the flexibility to essentially focus proper on their development and concentrate on the wealth preservation features.”
Advisors who wish to be a part of LinePoint come below the agency’s Kind ADV however affiliate as 1099 impartial contractors. They keep full possession of their shopper relationships and branding. LinePoint supplies a transition bundle that’s a mix of upfront capital and fairness within the firm.
LinePoint costs a platform price of 40% of the funding advisory price, Coury stated. However the advisor has the discretion to determine whether or not to eat that price or move it on to their shoppers. Their payout will find yourself being between 60% and 100%, relying on how they select to move alongside the platform price.
“We’re placing the management again to them on how they decide their income and revenue is by shopper account,” he stated.
The platform price covers every thing LinePoint supplies, together with superior planning, the household workplace infrastructure, the administration, know-how and custodial relationships.
Advisors and SFO execs can even have entry to LinePoint Investments, which is able to present white-labeled feeder funds, Coury stated. They’ll be capable of decide their allocations to managers throughout all kinds of property in personal markets and options and varied vintages, and LinePoint will arrange that feeder fund and white-label it for that advisor’s model. The agency will use a know-how supplier to digitize the whole course of, from subscriptions to Okay-1s.
“There’s a number of personal fairness within the house, and what we discovered was an space of alternative to construction ourselves within the 1099 format with the advisor, however permit them to hitch a excessive infrastructure, excessive contact providing,” Coury stated. “We’re giving them the flexibility to construct enterprise worth and be a part of a excessive contact/excessive infrastructure agency.”
Robertino Coury based LinePoint alongside his brothers, Santino, Andreo and Juliano Coury. The Coury household legacy goes even deeper. Their father, Robert J. Coury based The Coury Agency in 1984, a multi-family workplace and strategic enterprise advisory platform. In 2002, certainly one of his shoppers requested him to change into CEO of the shopper’s enterprise, Mylan Laboratories, now a part of Viatris. The Coury Agency is now run by Robertino’s uncles, and is unaffiliated with LinePoint.