A conversation with Richard Mullen, Founding Partner, CEO, Pallas Capital Advisors
Some of the best stories we share on this show are from advisors who essentially grew up in the business. Those who started out in the brokerage firm training programs, taking advantage of all that the firm offered and making the most of it—and then some.
Take, for example, our guest on this episode, Richard Mullen.
Rich started out cold calling at Lehman Brothers and then moved onto a training program at Prudential Securities. It was the early 90s and a very different world than now: That is, devoid of the technology we’ve come to rely upon today and more “holistic” as he describes it.
He grew his business in the ultra-high net worth segment at Morgan Stanley Private Wealth Management and later moved to UBS.
It was at UBS that he created what he refers to as a “Virtual Multi-Family Office.” It’s a concept that he says was “born out of necessity” and allowed him to pull together key team members and resources who were not a part of the UBS ecosystem.
But eventually, like many entrepreneurial-minded advisors, Rich started running into situations where he and his team were still limited in what they could really do for their clients, which led him to explore his options.
Today, the independent firm he launched, Pallas Capital Advisors, is a $1.75B RIA platform.
In this interview with Louis Diamond, Rich discusses:
- The choice to explore options outside of UBS—and what triggered that decision.
- His first leap to join an RIA for additional scaffolding and support—and why he later decided to launch his own firm.
- The “Virtual Multi-Family Office” concept—and how it enabled him to offer a menu of services and create a level of continuity he could not otherwise achieve at UBS.
- The importance of inorganic growth via recruiting—and how he defined a strategy that helped drive success for Pallas Capital.
Rich’s mantra of “doing what’s right for the clients” has motivated him to continually push towards new and creative ways to serve his ultra-high net worth clients with a level of continuity that he could not otherwise achieve on his own or as an employee.
It’s a conversation that explores the potential derived through ingenuity and creativity—whether you are an employee or an independent business owner.
Chief Executive Officer
Rich co-founded Pallas Capital Advisors with decades of experience managing all aspects of wealth for high net worth individuals. He is responsible for advising high net worth families, corporate executives, and business owners on the complexities of their financial health and legacies. Additionally, he oversees the investment management team, helping to construct portfolios and drive the firms’ investment philosophy.
For more than 25 years, Rich has advised high net worth individuals and families in the areas of financial planning, estate and tax planning, investment management, and portfolio construction. Before Rich opened Pallas Capital, he was with UBS Financial Services for over eight years, where he co-founded Minot Light Advisors and was responsible for all corporate financial planning engagements and worked directly alongside the portfolio management team. Prior to UBS, Rich was a Senior Vice President and Senior Portfolio Manager at Morgan Stanley. He was one of only 168 U.S.-based Investment Representatives with Morgan Stanley Private Wealth Management (PWM), the exclusive ultra-high net worth division, providing highly customized investment counsel to CEOs, entrepreneurs, executives, family offices, stewards of families, and endowments. Prior to Morgan Stanley, Rich was a Vice President of Investments at Prudential Securities. Prior to entering the financial services industry, Rich worked in the US House as a Legislative Aid to U.S. Representative Morris K. Udall and as an assistant to U.S. Presidential Candidate Bruce Babbitt.
In his free time, Rich enjoys playing golf, offshore fishing, and traveling. He is active in several local and national charities and serves on the board of a non-profit organization. He lives in Scituate, MA with his wife and three children.
Rich received his Bachelor’s Degree from the University of Arizona and his ICP from the University of Pennsylvania – the Wharton School.