Three technical and financial veterans are competing with large banks and multi family offices, and have established a new wealth management company, targeting technology founders and employees.
Cloud capital was launched earlier this year to address a “pain point” in the wealth management industry, including providing services to companies that hold stocks, whose stock positions are linked to companies that have experienced significant growth during the technology boom.
The company said it would provide customers with comprehensive wealth management services, including tax, equity compensation and family communication. It also aims to provide clients with access to “top tier” venture capital funds by pooling assets, which means that their clients do not have to invest a lot of cash to participate in the asset class.
The founders of the company are experienced in finance and technology. Hart Williams and Taylor Heininger hold leadership positions in the Bessemer trust, a private multi family office. Seansternbach is the product manager of Amazon and the co-founder of venture out Seattle.
While other wealth management companies have similar products, cloud capital is leveraging the wealth of individuals who have benefited from the technology boom in Seattle and other parts of the west coast. More wealth management companies are needed to regulate these large personal properties, with assets of about $2million to $20million.
Wealth management companies can also help clients understand evolving tax laws, such as the controversial Washington state capital gains tax.
Cloud capital is working with about 15 families and another 5 to 7 family plans. It also serves about 20 founders who are in the “pre liquidity” phase of equity compensation. The company currently manages about US $30million of assets and withdraws a certain proportion of funds from them.