Pros
Great Wall Street/Private equity clients with terrific potential to be brought onto the wealth management platform.
Cons
The problem? Wealth management platform doesn't exist. To be sure they have something they call wealth management but folks in charge do not have true wealth management background; they know what the know. However, they are not smart enough to follow Steve Jobs' advice: “it doesn’t make sense to hire smart people and tell them what to do; we hire smart people so they can tell us what to do.” The opposite is true. Lenox hires smart and experienced professionals only to tell them what to do; yet, they expect different results. As Albert Einstein, famously said that doing the same thing over and over again and expect different results is a definition of insanity.