Corient Sponsor Spotlight

Bloomberg

15 hours ago

Transcript

00:00Can you tell me a little bit about who Coriant is and what you stand for?

00:05Sure. So Coriant is one of the largest ultra high net worth and high net worth focused

00:11multifamily offices in the country. We're pretty interesting in that we are a fairly new brand to

00:18a lot of you here as the brand Coriant didn't exist until two years ago. But we are made up

00:24of a group of practitioners throughout the country with deep, deep expertise and specialization

00:31that's been built over decades in smaller firms throughout the country. So we've rebranded over

00:36the past couple of years and really have a firm that provides deep, deep and broad services to

00:42the clients that we're serving. What are your typical clients like? So for me, as they mentioned,

00:48I run the entertainment group at Coriant. So my clients are all in various aspects of the

00:55entertainment world. So we work with actors and writers, directors, producers, songwriters,

01:00label executives, et cetera. And what we find is it's the specialization that we offer, the

01:07understanding of the ways that our clients earn money, the way that they need to structure the

01:12things that, the ways in which they operate, the way that we need to plan for inconsistencies in

01:19income and liquidity events along the way. There's a lot of pattern recognition there that's involved

01:24that allows us to have that deep specialization and expertise.

01:28So to unpack some of that, you talked about liquidity, right, which oftentimes is the main focus when it

01:36comes to investment strategy. But it sounds like that's just half solution. Can you talk a little bit

01:44about the fuller sort of holistic picture? Yeah, it's an excellent point. It's really just a portion of

01:51what we're talking about. A lot of times people think they're going to talk to a financial advisor and

01:55they're going to talk about, OK, this is my investment portfolio and how much should be in stocks and how

01:59much should be in bonds and how much should I be saving for my retirement. That's a small piece of what we're

02:04thinking about it. You know, when we're thinking about this space, when we're working with a young

02:08songwriter or a new touring artist, we're thinking about, OK, how do you own these assets? What is the

02:16path that you're on? Where is the wealth being built? How do we need to plan for that 10 years down the

02:21road in the future? And so the investment, the stocks and bonds and those nuts and bolts are a

02:26component of what we're doing. But we're really thinking much, much broader than that in terms of because

02:31some of those decisions that we make about those things I just talked about can really, really make

02:37the biggest difference over time in the wealth outcomes for these clients. Yeah. And so typically

02:42when you think about entertainment clients, you've got several players, right? As part of their team,

02:48you've got the agent, the attorney and business manager. How do you fit in within that team?

02:55It's an excellent question. I say a lot to our clients that we're really building an outsourced

03:02family office for them. So we are in heavy, heavy collaboration with that team. When we start to

03:07work with a new client, we want to understand, OK, who is this team? Very, very often it's including

03:12the business manager. It's including our team. Some combination of attorneys, whether it be that

03:18entertainment attorney, the trust and estate attorney. There's special teams that we work with,

03:23some of them in this room today, around venture opportunities and investment opportunities

03:26specific to the talent client base. So who's on that team? How are we working together? And we need

03:32to make sure that we are operating as a unit so that when advice is coming to that client,

03:37they know that that advice is coming, having been vetted from a tax perspective, from an investment

03:42perspective, from a legal perspective, from a brand perspective. So it's really an intensely

03:47collaborative effort. And I think our business, our team has really built over the years, a practice

03:54that really is quite good at that collaborative effort. Right. And given the sort of tenure,

04:02and you mentioned this in your video, and you mentioned just now, this notion of pattern recognition

04:08when it comes to your clients. So can you tell me a little bit about what that means?

04:12Yeah, sure. So when we chatted last week, we were talking about this. I said, let me tell you about

04:17the two calls I just got off today. So I had been on a call with a brand new client we're just starting

04:22to work with. He's been really successful early writing songs. He's building a catalog value. He's

04:28just starting to get on the road touring. And then my call immediately following that was

04:33pre-transaction planning for a nine-figure catalog sale for an artist that's been at it for 15 years.

04:38Right. So the understanding, even when we're working with this artist that's just getting

04:44started about what's likely heading in his direction, given the trajectory he's on, is really

04:49valuable to the advice we're providing early. So that pattern recognition is really, really helpful.

04:55And then when you think about that across sort of the other end of the spectrum, right, the nine-figure

05:01catalog deal, how are you sort of balancing that?

05:04In terms of how we're...

05:07Yeah, you've got one, you've got two very extreme ends of the spectrum there, right? So like,

05:12do you have, I mean, this goes back to a little bit of your specialization, right? So can you tell

05:16us a little bit about the different types of specialties that you have within that?

05:20Yeah. So in terms of, in terms of the, you know, the early stage and the new artists and, and the

05:27earlier sort of in the life cycle, we're really getting them set up with a really, really good

05:31foundation, making sure that team is tight, making sure we're checking the boxes about the different

05:36structures we want to have in place, making sure those allocations are right, and making sure that

05:40we get that communication established and get it going. And then as the career progresses and as we

05:49need to really get more involved towards the, towards the asset sale and the transaction planning,

05:53et cetera, the team gets a little bit larger. There's a lot more modeling that goes on, a lot

06:00more members of the team that are getting involved in that aspect. So the team gets, gets bigger and has

06:06more specialization to it, but it's that foundation we've built earlier that's really, really helpful

06:10and helps that, I mean, I can't overstress the communication aspect of it that's really, really

06:16important. Great. So if there's one thing here that, um, we want, or you want people to take away

06:22about Corian, what would, what would that be? I think it's specialization and scale. Um, we have

06:31and need, I think, you know, this is a common theme with some of the other folks that have been on this

06:36stage over the past couple of days, scale and depth of resources is really, really important to outcomes

06:42here. And we've got that with Corian, our size and the, the breadth of capabilities that we're able to

06:49offer clients is really first class, but the specialization and the boutique feel, it's very,

06:55very client specific on the way in is, is really important. And I think it's really where we

07:00differentiate ourselves.

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