Pathstone

The most effective family meetings aren't presentations. They're opportunities to listen, ask questions, work through differences, and build a stronger family culture over time. Our latest article explores how families can move from conversation to connection—and ultimately, to a shared way of operating. Read the article: https://lnkd.in/ehbq_mYm

Pathstone CEO Matthew Fleissig published a new byline in MarketWatch this week, using the SpaceX IPO as a lens into how investors think about entry points of investment in category-defining companies once they finally go public. Years were spent by investors trying to source SpaceX shares before the IPO. Now that the stock trades publicly, some are questioning whether it’s “too late” to get in. With Anthropic and OpenAI expected to follow a similar path, what does a disciplined entry look like from here? Matt’s key takeaway: Entry price matters less than the decision to own. When a family believes in a company's potential to be many times larger a decade out, the willingness to become a long-term owner tends to matter more than the price paid on day one. This is the kind of long-term perspective we bring to clients navigating the next generation of transformative public offerings. Read the full piece here: https://lnkd.in/eHDjd4TM

Equity markets have changed meaningfully over the past decade, shaped by passive flows, index concentration, shorter trading horizons, and the expanding influence of AI. In our new report, The Long Game, we explore why these shifts may create a more attractive environment for skilled active managers — while also requiring investors to tolerate a more uneven path. Read the key takeaways and download the full report: https://lnkd.in/ecm_jYdt

Connection, generosity, and a shared sense of purpose came to life this spring across New York, Boston, and San Francisco. Pathstone sponsored Network of Engaged International Donors (NEID Global)’s 2026 UnGala series, which brought together donors, funders, advisors, and friends in support of global philanthropy. Guided by this year’s theme, “Better Together,” each gathering created space for meaningful conversation and reinforced a collective focus on the leaders and organizations doing important work around the world. We were honored to help welcome guests in New York with Ron Cordes and Martisha Patterson, CFP(R), in Boston with Jim Coutre, Jeffrey Scheer, CFA, Elizabeth Shea, Kelwin Conroy Newman, CFP®, Erika Esposito, CFP® and Lori Whiting, and in San Francisco with Sarah Whitelaw, CFA. Thank you to Network of Engaged International Donors (NEID Global) and to the Pathstone colleagues and friends who joined throughout the series. Supporting the communities and causes that matter to the families we serve remains central to our work. Photography courtesy of Craig Keenan Photography (Boston), Drew Altizer Photography (San Francisco), and Philip Tran Photography (New York City).

Over the past year, Concentric Innovation has continued to strengthen relationships with advisors and expand conversations around customized portfolio solutions. Congratulations to the Concentric Innovation team on an exciting first year. We're proud to be part of the journey and look forward to what's ahead.

Pathstone CEO Matthew Fleissig joined Asset TV's "A View from the Floor" live from the New York Stock Exchange this week for a timely conversation on the forces reshaping wealth management today. He touched on several themes central to how we are thinking about markets and client strategy right now: The private markets opportunity is real and likely to continue to grow. Some of the most consequential companies being built in AI and defense remain private. In our view, late stage venture and growth equity are becoming increasingly important portfolio considerations for families with significant wealth. Post-liquidity planning has rarely mattered more. Historic IPOs are creating wealth at a scale rarely seen. Families navigating sudden, concentrated wealth may benefit from a structured, clear-eyed path forward from day one, not year three. A new Fed regime demands a new lens. With a leadership transition at the Fed, the policy environment is shifting toward more complexity and more volatility. That creates opportunity for advisors who are looking forward, not backward. This is the environment Pathstone was built for. Watch the full interview: https://lnkd.in/e9ev9Kgc

Philanthropy can serve as a powerful framework for families navigating questions of values, responsibility, and the role wealth plays in their lives. When approached with intention, it may support stronger connections across generations while helping direct resources toward the causes and communities that matter most. Explore the “From Purpose to Practice” framework to learn how a shared sense of purpose can help shape a lasting legacy here: https://lnkd.in/e52K_2uv

Pathstone has been named to the inaugural CNBC Elite Advisors list, recognizing 25 wealth management firms serving ultra-high net worth individuals and family offices. We’re proud of this recognition, but we’re prouder of what it represents.  For 15 years, Pathstone has been built around a simple belief: that families with significant wealth deserve a partner who can see the full picture—investments, tax*, estate, governance, philanthropy, and the life questions that connect all of it. One firm. One integrated view. In service of what matters most. That is what we mean when we talk about a Preferred Life, and it is what guides every decision we make on behalf of the families we serve.  We thank every member of the Pathstone team, whose work made this recognition possible. See the full list here: https://lnkd.in/eMWnmFrs *Although Pathstone can provide accounting and tax services, the client should seek the counsel of a qualified accountant and/or attorney when necessary.  Third party rankings and recognition from ratings services are no guarantee of future investment success. Working with a highly rated adviser does not ensure that a client or prospective client will experience a higher level of performance or results. Ratings should not be considered an endorsement for the adviser by any client nor are they representative of any one client’s evaluation. Unless expressly indicated to the contrary, Pathstone did not pay a fee to participate or be included in this ranking. Methodology: RIAs, that manage clients with investable assets of $25 million or more in the United States were eligible for this year’s list. CNBC solicited information from more than 100 firms, which served as the basis for a detailed quantitative analysis that determined the final unranked list of 25. The metrics assessed included organizational scalability; assets under management attributable to UHNW clients; breadth and sophistication of client services and investment strategies; firm credibility through professional certifications and industry recognition; and overall reputation, including client retention and tenure. Firms that achieved the highest weighted score earned spots on the list. This list was published June 22, 2026, reflecting publicly available data as of 12/31/2025 data. 

We believe legacy involves more than assets—it reflects presence, communication, and care. Swipe through for select perspectives inspired by discussions at Pathstone’s 18th annual Finding Meaning in Money gathering, where speakers explored how wealth intersects with family, identity, and a life well-lived. Read the full summary of insights here: https://lnkd.in/e9Z7d7Yf Statements shown are paraphrased summaries of themes from the event and are not verbatim quotes or attributable to any single speaker.

Pathstone was recently quoted in Business Insider's coverage of the SpaceX IPO, one of the largest wealth creation events in history, and what the firm's thousands of newly wealthy employees should do next. The story raises questions that go far beyond investment allocation. Families with significant wealth consistently tell us that the hardest part of a major liquidity event is not the financial complexity. It is the personal complexity. Who are you now? What do you want your life to look like? How do you make decisions at a scale you have never operated at before? These are not questions a spreadsheet can answer. Pathstone works with clients across all phases of a wealth transition, before a liquidity event, through it, and long after. We help coordinate the full picture: tax strategy, estate structure, investment diversification, and the broader life questions that determine whether new wealth actually creates the life someone wants. This is what we mean when we talk about a Preferred Life. Not a life defined by assets, but a life defined by purpose, relationships, and intention, with the financial infrastructure to support it. The SpaceX IPO is a remarkable moment. For the families navigating it, the most important decisions are still ahead. Learn more: https://lnkd.in/d6qSYaUq *Pathstone acts solely in its capacity as a registered investment adviser and does not provide any legal advice. Though Pathstone can provide accounting and tax services, the client should seek the counsel of a qualified accountant and/or attorney when necessary. Pathstone may assist clients with tax harvesting and will work with a client’s tax specialist to answer any questions related to the client’s portfolio account.