This week, we speak with Steven Fradkin, president of Northern Trust’s wealth management business unit, which has $355 billion in assets under management. Fradkin was previously chief financial officer and head of international business at Northern Trust, among other roles. He has been a member of the corporation’s management committee since 2004.
Fradkin explains how tail events play a major role in the performance of investing firms, planning and probabilities play into the wealth planning process. To succeed in navigating though disruption you must be agile and capable of adjusting quickly. It helps if clients have robust portfolios that can withstand regular drawdowns and the occasional crashes. We also discuss how for UHNW clients this past year, tax planning was an issue for clients who chose to relocate during the pandemic lockdown.
A list of his favorite books is here; A transcript of our conversation is available here Monday.
You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Stitcher, Google, Bloomberg, and Acast. All of our earlier podcasts on your favorite pod hosts can be found here.
Be sure to check out our Masters in Business next week with John Doerr, venture capitalist at Kleiner Perkins. Doerrr has backed some of the most successful tech start-ups, including Compaq, Netscape, Symantec, Sun Microsystems, Amazon.com, Intuit, Macromedia, and Google (He is stilla substantial shareholder in Alphabet). Doerr is also the author of the best selling Measure What Matters; his latest book is Speed & Scale: An Action Plan for Solving Our Climate Crisis Now.
The Splendid and the Vile: A Saga of Churchill, Family, and Defiance During the Blitz by Erik Larson
The Hot Zone: A Terrifying True Story by Richard Preston
