Benjamin Moscowicz, Managing Director, Bernstein Private Wealth Management

In an interview with Invest:, Benjamin Moscowicz, managing director at Bernstein Private Wealth Management, discussed how the firm combines institutional-scale resources with a boutique, fiduciary approach to serving clients. He also explained how Miami’s growth is shaping the needs of entrepreneurs, global families, and ultra-high net worth clients. “Our clients are looking for less transactions, more relationships,” Moscowicz said.

What allows Bernstein to balance institutional-grade insights with a highly personalized client experience?

Our boutique approach combined with the strength of a global firm allows us to balance between institutional-grade insights and highly personalized client experience. As a boutique wealth and investment management business of AllianceBernstein, which is a global investment management firm, we benefit from the economies of scale and resources of this large institutional powerhouse, while maintaining our fiduciary commitment to each client across the board. 

At the core of what we do is keep the client as the North Star. We tailor every effort to each client’s unique needs, making sure they feel the solutions we provide are designed specifically for them and them alone. We do this by leveraging our global platform, deep insights, and our unique investment platform capabilities, and even going well beyond that. 

Our clients often face many challenges that go beyond just investments. That’s why we offer holistic solutions that address all aspects of the complexities they face.

How is Bernstein’s long-term investment philosophy evolving in today’s environment of rapid market shifts and short-term thinking?

Markets over the decades have become much more transactional with an increased emphasis on quick trades. However, we know our clients are asking for something a little bit different from us today. They are looking for long-term relationships with us and value resilient, long-term strategies that stand the test of time instead of short-term reactions to changing market conditions.

We’re always tuned in to what’s happening in the economy, both globally and locally, and we are ready to adapt when it truly matters. Our commitment is to help clients create portfolios that thrive in both good times and challenges, while providing thought-provoking research and investment ideas as the market evolves. 

We do not see ourselves as transactional, and neither do our clients. This approach is in our DNA and who we are. Our clients want confidence that their portfolios, powered by our investment expertise, can weather any storm. 

What are some of the biggest unmet needs you are seeing among ultra-high-net-worth families today?

One of the biggest unmet needs we see among ultra-high-net-worth families today, especially in Miami, is support that truly understands their complex global needs.  Miami has always been the gateway to the Americas. But, if you look at it today, the city has evolved from what used to be a leisure and tourism city to a thriving financial hub that is attracting entrepreneurs and business owners from all around the world. 

The city’s significant influx of capital, especially post-COVID from Asia, Europe, and across the board, has created a landscape of complex, multijurisdictional families. These families often have assets and interests in and outside the United States, so they need guidance that covers every stage of their business and wealth journey, including preparing for milestone events like selling a business or handling cross-border challenges. 

Our approach is to partner with them through the life cycle of their business and to ensure we’re advising and guiding them strategically and tactically. And if there is ever a liquidity event, we’re helping them to navigate the complexities on their journey. 

Clear and open communication is another critical need. Clients expect an unbelievable experience. We invest constantly in how we connect online, through research and digital platforms, on social media, or in person. Even if you’re providing great service, but you’re not effectively communicating it the right way and the client doesn’t understand what it is you’re doing, they’re never going to be comfortable. Clients need to understand what we’re doing, how we’re doing it, and why we’re doing it.

Risk is also something clients talk to us about all the time. Not just risk in portfolios, but also information security and how we’re protecting them against fraud-related issues.

Lastly, education is becoming more important than ever, and it’s where we’ve seen tremendous growth. Families want to prepare their children and grandchildren to be stewards of wealth and ensure that their values are carried forward. We provide ongoing education and support to help the next generation feel confident and ready to take on that responsibility. 

How is Bernstein evolving its capabilities to serve clients with cross-border tax, estate, and wealth-structuring needs?

We are constantly evolving our capabilities to better serve clients with wealth, tax and estate planning needs by focusing on the growing number of global families, especially here in Miami, which is one of the world’s most international cities.  

Our Global Families Group is a specialized team and investment platform that caters to the multijurisdictional family that might have assets in both their home countries and within the United States.  Alongside this team, our Wealth Strategies Group brings deep in-house expertise, including former trust and estate attorneys, international tax attorneys, CPAs, actuaries, and investment bankers who understand the unique challenges these clients face. They sit at that intersection of strategic investment advice and all the complexities that go along with multijurisdictional planning, pre-immigration planning, trust and estate planning, and income tax planning.

In the event we do not have the in-house expertise of a specific country’s tax structure, we collaborate with professionals to ensure seamless coordination in our clients’ home jurisdictions.

Serving wealthy global families is extremely complex, and it requires not only a strong investment platform but also thoughtful, expert advice to think through the trade-offs and complexities involved.

What are some of the most common mistakes founders make, and how do you help them avoid those pitfalls?

One of the most common mistakes founders make is waiting too long to start planning. We see a lot of successful business owners who are hyper-focused on growing their business and ensuring its success. But oftentimes, they overlook actions that should be taken years in advance of a potential liquidity event or signing a Letter of Intent. 

In some cases, by the time they seek advice, it’s late in the process and their options are limited. Early planning years in advance opens a wider array of opportunities. We encourage founders to think proactively about structuring and planning from the beginning.

We offer strategic advice and guidance by understanding the entrepreneur’s mindset. To support our business owner clients and prospects, we provide small peer-to-peer forums and workshops where they can openly share their challenges and concerns. These sessions are not focused on selling Bernstein, but rather on helping them consider the various factors they should keep in mind as they build and grow their businesses.

Miami’s entrepreneurship community is truly an ecosystem, and there are wonderful organizations collaborating to support business owners. It really is a community.