A conversation with Richard Saperstein, Managing Director/Principal/Chief Investment Officer, Treasury Partners
Overview
Richard Saperstein rose out of the financial crisis of ’08 to build the now $20B+ Treasury Partners. Richard reminisces about that journey, discusses his decision to affiliate with a then nascent Hightower Advisors, and shares more about Treasury Partners’ unique business model, the secret to the firm’s success and much more.
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About this episode…
Picture this: It’s 2008, Bear Sterns collapses, and decades of your life’s work implodes right before your eyes—along with any stock-based compensation.
It was a time when it was difficult to find any positive news about the financial services industry and even more difficult was managing client expectations and dwindling confidence amid high-profile scandals.
And although Richard Saperstein lost a small fortune and several clients throughout the chaos, he put on his pants and went back to work for J.P. Morgan who was there to rescue the firm.
Yet, shortly after the takeover, Richard saw what he described as a “parachute” that emerged out of the crisis.
That parachute was Hightower Advisors.
So in May of 2009, Richard and his team left JP Morgan to affiliate with Hightower and launch Treasury Partners. They were only the ninth team to join the nascent firm, taking a leap of faith during a time when faith was certainly in short supply.
And it was a leap that not only benefited Treasury Partners, but also catapulted Hightower to the forefront of the independent space.
Richard has since ranked on the Barron’s Top 100 Financial Advisors list for 18 consecutive years, landing at #7 nationally and #2 in New York State for 2021.
In this episode, Richard reminisces with Louis Diamond, from growing up in wealth management in the 80s, living through the 2008 financial crisis and on to the present day, including:
His decision to join Hightower—and how that leap of faith has translated into an independent firm managing over $20B today.- Life in the early years of Hightower—and how becoming one of their pioneer firms helped to influence Hightower’s growth and future.
- The firm’s unique business model: part private client and part corporate cash management—and how it differs from others we’ve featured on this show.
- The secret to Treasury Partners’ success—and how client satisfaction and team building has played a significant role in their continual growth.
Richard’s story is an incredible one of perseverance and sound decision-making. It’s rare access to the candid backstory of one of the wealth management industry’s rock stars.
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Richard Saperstein
Managing Director/Principal/Chief Investment Officer
Richard Saperstein heads a team of 27 professionals who deliver a broad array of cash and wealth management services to corporate and private clients. Mr. Saperstein has been on Wall Street for nearly forty years, and is widely acknowledged for his investment acumen.
He began his career in 1982 and joined Oppenheimer & Co. in 1987. In 2003, he and his team moved to Bear Stearns where they established and ran the Corporate Cash Management Group. After J. P. Morgan acquired Bear Stearns in 2009, Mr. Saperstein and his team became affiliated with HighTower Advisors and launched Treasury Partners.
Mr. Saperstein has ranked in the highest tier on Barron’s annual survey of America’s “Top 100 Financial Advisors” every year since the survey was introduced in 2004. In addition to ranking 7th on that survey in 2021, Barron’s ranked him 4th among the country’s “Top 100 Independent Wealth Advisors,” and 2nd in New York State on its survey of the country’s “Top 1200 Financial Advisors.”
He is a member of Barron’s “Advisors Hall of Fame,” and is also a top-ranked Forbes and Financial Times advisor. Mr. Saperstein frequently shares his perspectives on the financial markets in such media as The Economist, The Wall Street Journal, Barron’s, Forbes, Smart Money, Financial Week, TheStreet.com, CNBC, Bloomberg, Fox Business News, and The New York Times.
He has been invited to speak at conferences sponsored by various industry groups, including the Association for Financial Professionals, Tiburon Strategic Advisors, the Investment Management Network, and Index Universe.
Mr. Saperstein earned his MBA at New York University’s Stern School of Business, where he currently advises the Michael Price Student Investment Fund. He is a member of the National Federation of Municipal Analysts, and of the Fundacao Dom Cabral International Advisory Council in Sao Paolo, Brazil.
He is conversant in Italian, and is an avid salt and freshwater fly fisherman.
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