Robert Miranda welcomes Ron Diamond, founder and CEO of Diamond Wealth, to the Fiscal Frontiers podcast. Ron is also the host of the Family Office World podcast, which focuses on the family office investment universe.
Ron shares his background, including his experience at Drexel Burnham and the motivation behind starting his own firm. He explains his transition into serving family offices and discusses the importance of trust in these relationships.
Ron's firm acts as a funnel for investments in the private market, working with 125 family offices ranging from $250 million to $30 billion in assets. He also serves on advisory boards, chairs Tiger 21 in Chicago, and has developed programs for family offices at Stanford University and other institutions. He emphasizes the growing importance of multifamily offices in the family office industry. He predicts that family offices will disrupt the private equity and venture capital markets in the future.
Ron highlights the importance of understanding the background and institutional standpoint of family offices. Building relationships and adding value to family offices is crucial, rather than solely focusing on performance. He emphasizes the significance of trust and integrity, stating "Intelligence is a commodity, trust is not."
In order to create value add, he suggests introducing family offices to one another to create a sense of community and facilitate learning from each other's experiences. He also discusses the drawbacks of many family office conferences and describes their own initiative to create a conference focused on education rather than selling products.
Ultimately, the Ron identifies gratitude as the key factor and mindset that drives both happiness and success.
Exploring the Family Office Universe and the Importance of Trust: A Conversation with Ron Diamond