#10: Pathstone’s Mission to Become the Nation’s Largest Fiduciary for the Ultra Wealthy

Episode 10

Pathstone: Building the First National Brand for Ultra-High-Net-Worth Clients

In this episode of “Growth Leaders of Wealth Management,” we’re talking to Pathstone, a family office like no other, with 23 locations, over 750 team members and more than $100 billion in assets.

A Vision Born from a Gap in the Market

Matthew Fleissig, Co-founder and CEO of Pathstone, says the firm was born from a gap they saw for UHNW clients of a financial office that covered everything from investments to accounting to taxes to payroll and beyond. He now envisions Pathstone becoming the first ever national brand for UHNW clients.

The Three Pillars of Pathstone’s Growth Strategy

Brad Armstrong, a partner at Lovell Minnick Partners, lists what he sees as the three core elements of Pathstone’s growth strategy: tech, services and acquisitions. While organic growth via word of mouth carried them over the $16 billion mark, those three tenets helped push them to the next level of growth.

One of the biggest challenges they ran into almost immediately was the lack of technology specifically created for family offices due to low demand. They got by for a while, but after taking on their first PE partner, they doubled their tech budget and built their own tool called ARROW, which stands for Accounting, Reporting, Rebalancing, Optimization & Workflow.

Scaling Through Smart, Human-Centered Acquisitions

With the tech in place, Pathstone’s leadership could focus on scaling their company. Matthew and Kelly Maregni, Pathstone’s President, speak at length about what it takes to successfully merge two companies after an acquisition. While they both admit that there’s always more to learn, they’re still seeing success. (Just look at their October 16, 2024, acquisition announcement of Hall Capital Partners, a $45 billion firm out of New Jersey!)

A Modern Blueprint for Growth in Wealth Management

Since their founding in 2010 when they managed $1.4 billion, they have seen 10% growth every year – and they share everything they’ve learned. From building an “apprenticeship business,” to hiring their first CMO, Lauren Fryefield, in 2022, to returning email inquiries within minutes with a phone call from a local team, Pathstone exemplifies what it means to join the ranks of “Growth Leaders of Wealth Management!”

FAQs: Pathstone’s Growth and Strategy

What makes Pathstone unique among family offices?

Pathstone differentiates itself through comprehensive service integration—covering investments, accounting, taxes, payroll, and more for UHNW families—combined with a mission to become the first national family office brand.

2. How has Pathstone achieved such rapid growth?

Pathstone’s success is built on three core pillars: technology, services, and acquisitions.
They’ve maintained steady 10% annual growth through a mix of organic expansion and strategic partnerships.

3. What is ARROW, and why is it important?

ARROW stands for Accounting, Reporting, Rebalancing, Optimization & Workflow.
It’s a proprietary technology developed by Pathstone to solve the lack of specialized family office software—helping them streamline operations and deliver seamless client experiences.

4. How does Pathstone approach mergers and acquisitions?

Pathstone takes a human-first approach to M&A.
They prioritize cultural fit, process integration, and collaboration between leadership teams—ensuring that growth strengthens, rather than strains, the organization.

5. Who are the key leaders driving Pathstone’s growth?

Key figures include:

Matthew Fleissig, Co-founder & CEO
Kelly Maregni, President
Lauren Fryefield, Chief Marketing Officer
Brad Armstrong, Partner at Lovell Minnick Partners

Each plays a critical role in scaling Pathstone’s tech, marketing, and acquisition strategies.

6. What’s next for Pathstone?

With $100 billion AUM already achieved, Pathstone continues to focus on innovation, talent development, and client experience.
Their goal: to redefine what a national family office can look like for the next generation of ultra-high-net-worth clients.

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About Ficomm Partners

Ficomm Partners is the embedded growth partner for results-driven RIAs, and wealth management platforms. With a track record of helping over 250 clients achieve their growth goals, Ficomm understands that while industry patterns may repeat, each firm's growth challenges are unique. Ficomm prioritizes strategy and finds the most impactful ways to move you toward your goals. We align all your marketing activities with your business objectives, acting as your dedicated growth partner with our human-first approach, strategy-first methodology, and unrivaled team of industry marketing experts.

#10: Pathstone’s Mission to Become the Nation’s Largest Fiduciary for the Ultra Wealthy

Episode 10

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