Show Transcript
David Komansky
Little by little, a few other people were brought into the conversation.
Daniel Napoli
I heard it from a friend, uh, and associate of mine, Roger Vasey, who I worked with for many years at Merrill Lynch, and he mentioned to me that, uh, there was this idea that was being generated about creating this very, very special boutique bank.
Reginald Brack
It was so appealing. I asked Dan - point blank - I said, “I’d love to, uh, at least invest in it.”
David Komansky
And the next thing you know, this idea caught on like wildfire. I don’t even think we ever sat down and said, “Okay, let’s go into the business.” It just happened.
Kenneth Langone
We’re having dinner right around the holidays -- Dan Tully and his wife, and Joe Grano and his wife, David Komansky and his wife.
 
(super to explain who Joe Grano is: Joseph Grano - Chairman Emeritus, UBS Americas)
David Komansky
A fellow named Marty Kaplan, who was a, uh, lifelong Merrill Lynch-er,Ken Langone, who’s a very famous investor.
Kenneth Langone
Dan volunteered how he was getting involved in the creation of a private bank for wealth management.
David Komansky
Everybody was relating this to themselves.
Daniel Napoli
When the idea started to bubble about creating this, they all had something in common, and that was that many were very, very wealthy, but they weren’t getting what they wanted.
Kenneth Langone
As they discussed what they were going to be doing here and how they were going to be doing it, it appealed to me.
David Komansky
And the last thing in the world we were thinking of doing was trying to approach or bring up the subject of raising capital at this dinner.
Kenneth Langone
“Gee,” I said, uh, “If you need any more investors, I’d be interested in exploring it,” and in fact, um, I was talking to my partner, Bernie Marcus, the next day about what I’d heard and he said, “Well, if you decide you want to go in, I think I’d like to go in.”
David Komansky
Before the dinner was over, everybody at the dinner, uh, expressed interest.
John Steffens
Oh, I felt there was, uh, terrific opportunity, uh, to do something very different -- at the heart of it, make sure that the interests of the clients really came first.
Bob Matthews
In fact, at the time that I was actually out trying to raise money to create something very, very similar to Fieldpoint. And when I saw it, I knew I’d found it.
Sibyl Jacobson
The founders are significant names. They put their reputation, their character and their best thinking behind Fieldpoint.
William Richter
I like the story that I heard about Fieldpoint. They were selling stock to raise additional capital because they had grown, and they were profitable, uh, and had been increasingly so for three quarters when I made my investment.
Kenneth Langone
I was so impressed that I added to my holdings when they had subsequent offerings.
William Richter
I thought that you can invest in something that’s already on the upswing and has proven itself -- that seemed attractive.
David Komansky
I don’t know if any organization was ever founded with the depth of knowledge and relationships, uh, in the world of finance that, uh, this was.
Daniel Tully
Everyone we asked, they participated.
Daniel Tully
Each of them was successful because they believed the clients’ interests must come first.
Bob Matthews
Every single shareholder was hand selected. This was not an open process.
Daniel Tully
Any one of the folks could have put up any amount of money, and we decided to raise $35 million.
David Komansky
We did not want to have just a few people, uh, have such a large investment in it that they would be able to change the strategy on their own.William Richter: I like the story that I heard about Fieldpoint. They were selling stock to raise additional capital because they had grown, and they were profitable, uh, and had been increasingly so for three quarters when I made my investment.
Kenneth Langone
I was so impressed that I added to my holdings when they had subsequent offerings.
Daniel Tully
Everyone that is involved is involved and is a total participant of being a founder, a member, a client.
Dan Donahue
We opened our doors on April 30, 2008, just as the crisis was unfolding.
Kenneth Langone
The financial world was about to implode, and it did.
John Steffens
In June the Bear Stearns hedge funds went kaput.
Amy Goodfriend
The truth was stranger than fiction. No one knew where to turn.
Daniel Tully
When you have difficult times, it’s probably the time to get up your courage and invest.
Bob Matthews
In a lot of ways, it couldn’t have come at a better time for us. It certainly couldn’t have come at a better time for clients.
Daniel Donahue
It turned out to be an advantage that the big institutions were all coming down and people were looking for a safe haven.
Reginald Brack
It turned out to be the best of all times, because of the frustration with big institutions, just as I had experienced.
David Komansky
We were opening the door with nothing to besmirch our reputation, so there was no way for it to affect us.
Daniel Donahue
And lo and behold, Fieldpoint Private became a safe haven because we could insure deposits up to $50 million. Then it became 100, now $150 million.
Bob Matthews
And just for the record, in nine quarters we became profitable -- nine quarters. Nine quarters for a brand new de novo bank would have been a land speed record in good times. This happened in an absolute hurricane.
David Komansky
It was something that I was looking for myself.
Sibyl Jacobson
On a personal level, my experience with banking in New York City had been anything but good.
Daniel Napoli
There’s a product push at the big firms, and that’s what drives the big firm’s P&L.
Dan Donahue
Sometimes firms will sell their own investment products because they offer better profit margins. They can capture 100 percent of the fee since don't have to pay an outside firm.
Amy Goodfriend
There was a lot of product out there, a lot of different providers, but not really a place that we could go where we would get service and unbiased advise both on the banking and on the investment management side.
Reginald Brack
Uh, I wasn’t sure that my portfolio looked any different from anybody else’s. At several institutions, I was just in too many things that had the brand name of the institution on them.
Bob Matthews
What strikes you as really odd is that the people that were having this conversation, the people expressing this frustration to each other had run some of the most powerful and global financial services firms in the world.
David Napoli
I knew what my needs were, and I knew what the needs of the investment bank was, and they were not similar. I think many of us that created Fieldpoint feel that way.
William Richter
My biggest concern is that they’re conflicted. They’re selling their own products, they’re getting fees from the advisors that they’re recommending, and Fieldpoint doesn’t do that.
Bob Matthews
Let’s understand there is unconflicted and there is open architecture, and they are not the same thing.
William Richter
They are absolute in their commitment not to take money from managers. That immediately makes them independent.
Bob Matthews
No money changes hands between us and any of those providers, and it never will.
Ken Langone
I can't stress enough the importance, particularly today, of high net worth people having a level of confidence that, you know what, if they call me with an idea or a suggestion, I know one thing, they're calling me because it’s something that's good for me, not because it’s good for them.
Sibyl Jacobson
Fieldpoint is able to aggregate information, provide it to the client in a way that many behemoths can’t.
Daniel Tully
This package takes the entire balance sheet, assets, liabilities. They are all together inextricably.
Daniel Napoli
It makes it much easier as an individual in looking over my portfolio and manage my portfolio to have all that information in one spot.
Amy Goodfriend
And to me, that is so much more valuable and so much more real than looking at a sliver of somebody’s financial picture.
Reginald Brack
My team is my team. I look to them for advice on everything because they know everything, they have everything. It gives you the confidence that there’s a holistic approach being taken to, uh, your investment portfolio.
Launny Steffens
I believe that Fieldpoint should never try to be all things to all people, but it is absolutely in a position to be all things to some people, a very select group.
Dan Napoli
I think service is not only financial. It's working with the family. I think it's working with the children. It's not just running a portfolio. It's the legacy plan, it's giving money away. I think it's all-encompassing.
Bob Matthews
Between technology and intellectual capital, we’ve created a firm that delivers every product, every service, every need any client has that’s met by a large firm, but we can deliver it in a personalized way that only a boutique can. As a matter of fact, we haven’t found anything we can’t deliver for clients, uh, that the large firms can, but we’ve found a whole lot of things that we can do for clients that the large firms cannot.
Reginald Brack
One of the unique features of Fieldpoint is that we’re not trying to become different - were just born that way, because that was the whole idea, that the founders, to the person all 31 of us, had.
Daniel Tully
The founding partners of this company insisted that we would be different, and we are.
Daniel Donahue
There is not a firm like us in existence today that we’re aware of.
Bob Matthews
Fieldpoint was specifically created because the firm that people needed didn't exist. If this firm had existed, we wouldn't have needed to build it.
Daniel Tully
We were different from day one.