Tuesday Oct 03, 2023

005 Mel Lagomasino| the money business

MEL'S BIO:

Maria Elena (Mel) Lagomasino is a trailblazer who has been at the top of the money business game for many decades. This talk is a master class in capital, finance and governing corporations. Her family left Cuba for the United States in 1960, just after the revolution and Castro taking power. Going through that traumatic experience provided with the foundational pillars of her stellar career. Today she serves as CEO and Managing Partner of WE Family Offices, a $13 billion office serving high net worth families. Previously served as CEO of GenSpring Family Offices, LLC, an affiliate of SunTrust Banks, and as Chairman and CEO of JPMorgan Private Bank overseeing over $300 billion in client assets.

Mel started her career in finance and wealth advisory roles at Chase Manhattan Bank and Citibank. She is a member of the Council on Foreign Relations, a founder of the Institute for the Fiduciary Standard, a director of the Americas Society and past Trustee of the National Geographic Society director of Avon Products and the Lincoln Center for the Performing Arts.

She currently serves on the boards of directors of two iconic American companies: Coca Cola and Disney. She is also Trustee of The Carnegie Corporation of New York.

"Overwhelmingly, most managers don't earn their fee"

EPISODE OUTLINE:

(00:00) - Introduction

(00:38) - Bio

(01:35) - Escaping Castro's Cuba

(02:10) - The business of money; change and constancy

(03:45) - Democratization of finance; "owning a piece"

(06:15) - Liquidity, risk, fees, alpha; bifurcation

(07:22) - Allocating capital, passive investors, governance

(10:22) - Leadership, soft skills and personal attributes

(12:05) - Making lemonade; connecting dots draws a path

(14:54) - Plans? Be the best you can be.