Pathstone credits client events for referrals as assets reach $200 billion

Pathstone has grown from about $1.4 billion in client assets to $200 billion in 16 years. The Englewood, N.J., multi-family office credits an unconventional referral engine for part of that run: fly-fishing trips, backcountry ski outings and other client-only gatherings. Co-founder and CEO Matthew Fleissig told WealthManagement.com in a recent interview that the firm will host 77 client events in 2026.

“Our clients can go to the Super Bowl on their own,” Fleissig said. “But can I gather three snowcats of centimillionaire families to have an experience, and bond and connect? In an AI-commoditized world, information’s been commoditized. Relationships are real.”

The engine started with a client question rather than a firm initiative. A few years ago, a client asked Fleissig whether he could meet other Pathstone families: “I bet you have other cool families. Can I meet them?” Fleissig described the moment as a blind spot. “I admit, I hadn’t seen that coming,” he said.

Pathstone’s answer was to buy capability rather than build it. The firm, which prefers to bring services in-house, acquired a Colorado firm that specializes in client events, and its 2026 calendar runs from whitewater rafting trips to closed-door meetups with U.S. senators.

Patience Peterson, a marketing executive and brand strategist at Pathstone, said event ideas come from clients rather than from a venue list that needs filling. “It 100% comes from listening to our clients over many, many years and deciding what to do based on that feedback,” she said.

Clients then invite friends, family members or other professional contacts to later gatherings, according to the report. Peterson said outdoor formats produce conversation a hotel meeting room does not: “When you have your endorphins going, and you’re with a good group of people, the conversation can go in a million different directions.”

Acquisitions account for much of the asset growth, including a Philadelphia-area RIA with $12 billion in client assets added in June and Hall Capital Partners, a $45 billion bi-coastal RIA, in 2024. Per WAD’s records, Pathstone reports 704 employees, 27,165 accounts and $110.3 billion in regulatory assets under management as of Oct. 3 — a different measure from the $200 billion client-asset figure. WealthManagement.com said the growth helped land Pathstone on this year’s RIA Edge 100 list.