Richard Joyner, Head of Central U.S., AlTi Tiedemann Global
In an interview with Invest, Richard Joyner, Head of Central U.S. for AlTi Tiedemann Global in Dallas, emphasized the city’s strategic importance, citing its vibrant economy and excellent business climate. He also highlighted AlTi’s commitment to leveraging local opportunities for growth and outlined the firm’s strategic priorities for the upcoming generational wealth transition.
AlTi Tiedemann Global is a global multi-family office, providing comprehensive services to high-net-worth families. This includes investment services, trust-related services, full family office services, and a range of wealth management services.
What makes Dallas a strategic location for AlTi?
The firm has been in Dallas for 20 years, but in the last couple of years, and particularly this past year, we’ve made a distinctive commitment to this market. Dallas is a strategic location due to its vibrant economy and great business climate. The influx of people and companies into the Dallas-Fort Worth area has fostered a dynamic environment. The central U.S. location embodies strong values, attracting a lot of successful people and a robust workforce. The city’s excellent transportation infrastructure further enhances its appeal. All these factors make Dallas an ideal market for us to prioritize, and that’s exactly what we’ve done.
What strategies will be the most effective in driving growth in the region?
Strategies for driving growth in the region center around leveraging the entrepreneurial activities here. The abundant growth that is occurring naturally creates business transactions, leading to opportunities for firms like us that help wealthy families, particularly those who have sold a business. These transactions involve complex tax consequences, and our job is to simplify this complexity. We frequently assist families in transitioning from business owners to wealth owners or in moving funds to the next generation. Alongside these actions, we provide a range of educational tools and resources to help individuals fully understand the scope of their wealth.
Another key aspect is our location. The firm has excelled in building an international presence. While the local economy is strong, many families here have interests outside the United States. AlTi has focused on building our global presence to help clients wherever they are.
How would you assess the landscape of the wealth management industry?
As the industry evolves and grows, technology will continue to play an increasingly significant role and will continue to impact our business and clients. However, while technology is important, families making complex financial decisions still want personal advice. They want to talk to experienced advisors who can help them navigate their financial journeys and anticipate challenges. So, while technology is crucial, advice is more important. We focus on building a team of advisors with the technical expertise and experience to guide families.
Another major trend is the generational transition of wealth. The next generation of heirs is expected to inherit more than $72.6 trillion by 2045. With this transfer, it will be vital that families have proper succession planning, governance, education, and value alignment in place to ensure the transition is seamless. In Dallas, we’ve personally seen and supported many of our own clients that are in the process of transitioning their wealth from one generation to the next. If families haven’t prepared adequately, this transition can be challenging.
Lastly, buyers today are more sophisticated than they were five or ten years ago. They know what they’re looking for in terms of services and expertise. Our firm is well-positioned to capitalize on this by leveraging our deeply experienced team and robust platforms to enhance the client experience, build skilled advisors, and prepare families for generational wealth transfer. This approach ensures that buyers come to us instead of us seeking them out.
How do you assess the labor pool in the Dallas-Fort Worth region?
The talent pool in the Dallas-Fort Worth region is deep and of very high quality. Numerous universities have fostered a well-educated workforce, and the influx of people and businesses has introduced more high-quality individuals, including entrepreneurs, to the area. As a business, attracting talented people through internships and developing career paths is crucial.
Young people seek inspiration. They want to know why they’re doing things, not just what they’re doing. I personally believe our work is inspiring; we’re helping families achieve great outcomes over long periods, which is a noble calling. Attracting talent is only the beginning though. Once they’re on board, we need strong training programs, effective leadership and mentorship, and a robust culture that centers around long-term career development. We foster a collaborative, learning culture. People who join us have opportunities to grow, advance their careers, learn, and face new challenges every day. We’re doing many things well to support this environment.
What are the most common challenges your clients face?
In today’s world, tax laws, markets, and economies are constantly evolving. Rapid change is difficult and it’s one of the challenges our clients are currently facing. Market differentiation and technology are also significant challenges due to the abundance of information and noise. Helping clients navigate through the noise and make informed and thoughtful decisions is crucial.
Ultimately, it all comes down to complexity. Financial markets, business transactions, and generational wealth transfers are inherently complex. Our mission is to simplify these complexities and help clients make and execute decisions for long-term success. AlTi has done a great job in this regard. We have a team of experts across various areas, all working together under one business model. It’s been amazing to see how this collaboration has come together to benefit our clients.
What advice are you giving your clients around investment opportunities?
The core investment advice we offer hasn’t changed much. It’s about being clear on our clients’ goals and asking what they are trying to achieve with their wealth, both personally and financially. It’s also about looking for differentiated opportunities, investing in businesses that offer a special advantage, perhaps an information edge, and working with experts who can guide you.
While the landscape has evolved, the principles remain the same. Our global investment team, with people on the ground worldwide, provides a network that offers particular advantages difficult for other firms to replicate.
What community projects or initiatives is AlTi involved in?
We’re very active in the local community, participating in events and engaging with local activities. Our goal is to create a network of valued connections. The families we serve value having a network of people with common interests who can teach them or help them understand their experiences. Building and nurturing this kind of network has been a big focus for us over the past 20 years. Our goal is to stay visible and active, connecting with people and participating in local initiatives.
Additionally, many of our Dallas families are increasingly interested in aligning their investments with their values and creating local impact. Younger family members are some of the most engaged people I meet. They want to create opportunities for economically disadvantaged families, find better alternative energy solutions, and make the world a better place. Post-pandemic, younger people have found their voice and want their financial decisions to reflect their values. This is more true now than ever.
What are your top priorities for the firm over the next two to three years?
I think the next couple of years are going to be extraordinary. The market we’re in, our firm’s positioning, and our initiatives will create significant opportunities for us and, more importantly, for our clients. The generational transition of wealth and other factors will converge in a way that’s rare. Our biggest challenge is to be ready for the growth ahead. We are focused on building the talent, systems, and processes to capitalize on this growth and deliver good outcomes for families. I’ve never been more excited about what I’m doing than I am now. Dallas is a key market for us. We see its growth and are here for these successful, entrepreneurial families. We share that entrepreneurial spirit.
