Lunch and Learn Events are hosted by CFA Society Chicago’s Professional Development Advisory Group. The intent of these events is to provide career and networking information for CFA Society Chicago Members. These events provide an overview of the participating firm(s) as well as related career advice. Many of the insights may be applicable to the broader industry.
This lunch and learn features Cresset Asset Management, LLC. Cresset is an award-winning independent, multi-family office and private investing firm. Cresset is tailored to CEO founders, entrepreneurs, PE partners and multi-generational families.
Event Moderator:
This event was moderated by Dimant Patel, CFA. Patel is Associate Director, Trading & Investment Operation at Cresset. Patel is also a co-chair of CFA Society Chicago’s Professional Development Advisory Group.
The panelists included the following professionals from Cresset:
Tom Christman
Managing Director, Talent Acquisition
Prior to joining Cresset as Managing Director, Talent Acquisition, Christman held a wide range of executive recruiting roles at Middle Market Banking Specialized Industries (MMBSI) and J.P. Morgan. His prior experience also includes recruiting and leadership experience across various technology, consulting and agency recruiting organizations.
Tom was selected to the LinkedIn Recruiter Expert Advisory Council in 2009. He received his Bachelor of Arts from Southern Illinois University.
Chris J. DeMonte, CFA
Managing Director, Wealth Advisor and a member of Cresset’s executive committee.
As a Wealth Advisor, DeMonte works with a team of internal and external multidisciplinary experts to understand, enhance and improve upon a family’s entire wealth picture. This encompasses advising on estate and wealth transfer, financial planning, philanthropic endeavors, banking and credit needs, along with customizing an appropriate investment delivery.
DeMonte has a BA in Political Science and International Relations from the University of Wisconsin-Madison. He is a Chartered Financial Analyst and member of the CFA Society
Chicago. He is also one of Barron’s Top 100 Independent Advisors, on Barron’s Top 1,200 U.S. Financial Advisors list, along with being a Forbes Best-in-State Wealth Advisor since 2021.
W. Janet Dougherty, CFA
Managing Director, Wealth Advisor
Dougherty works with clients to help them reach their family’s wealth goals considering both their financial and human capital. Dougherty received her BA in Chemistry from Barnard College, Columbia University and her MBA with a concentration in Finance from the University of Chicago, Booth School of Business’ full-time program.
Dougherty holds the Chartered Financial Analyst designation and is a member of the CFA® Institute and CFA Society Chicago. Dougherty has been named to 2024 Barron’s Top Women Financial Advisors, 2025 Barron’s Top 1,200 Financial Advisors, Forbes Top Women Wealth Advisors Best-In-State for 2023-2025, Forbes Best-in-State Wealth Advisors 2023 and 2024, and Top Wealth Advisor Moms 2019 by Working Mother/SHOOK Research.
Panel Discussion
Patel began the conversation by introducing each of the panelists. He then continued with questions.
How has the CFA Designation helped in your career and current role?
Dougherty recalled her earlier career when she sat on the investment desk at JP Morgan. In that role she dealt with a variety of stakeholders and business areas. This included sponsors, private equity, hedge funds, prop traders, and more. Having the CFA designation provided credibility in any vertical.
DeMonte added that the curriculum itself provides immediate benefits. He recalled that, while preparing for the exams, he was able to put lessons into practice every day. He believes that these lessons built the foundation for everything he does in his current role.
Can you provide any opinion of how the CFA designation may enhance your career as compared to pursuing an MBA?
Dougherty explained that she had been a chemistry major in college. When she decided to go into financial services, business school offered a viable way to make that transition. Not only did it offer necessary academic training but also networking opportunities. An MBA might not be essential for someone who is already on their desired career path. It makes the most sense for someone who is looking to pivot. She did not see any downside to
pursuing the CFA designation if you are in a finance-related field that values having it. The rigorous learning process is extremely beneficial.
Christman pointed out that one should also consider the economics of things. Each option has a different financial cost and time commitment. He advised weighing those costs against what you intend to do with each respective credential.
What advice would you give someone if they were interested in pivoting from portfolio management to private wealth?
Demonte explained that building client relationships is important. Although families vary in size and circumstance, much of what you do for one family will apply to others as well. Avoid overwhelming your clients by sharing your knowledge all at once. Instead, drive the conversation by asking questions and listening. This will allow you to deliver information to your clients in a way that they can understand.
When Dougherty first considered private wealth, she had the impression that only gregarious extroverts were suited to the industry. However, she soon learned that, to be most successful, you really need to be service-oriented. Rather than viewing client interactions as a sales cycle, she views them as an advice cycle.
Christman noted that those new to the private wealth space may already have a great deal of investment knowledge. The challenge then becomes how to communicate this knowledge to clients and prospects in a digestible way. You might be able to get a first meeting based on knowledge, but communication is the key to getting a second meeting and build a future relationship.
If you could only provide one piece of career advice, what would it be?
Dougherty stated that it is important to advocate for yourself. You must work hard and demonstrate to others what you can do. In some cases, you may need to “fake it until you make it.” She cautioned against waiting to get certain credentials before asserting yourself in your career. Work hard and keep learning in the background. Pursue the CFA designation or any other relevant credentials as you move forward in your career.
DeMonte makes a distinction between having a job and having a career. A career is aligned with your personal outlook and integrated into the rest of your life. This allows for better engagement and long-term success.
Christman recommended against “chasing dollars” in building your career. Instead, be patient and master your current role. Look for a new position only when you are ready for the next step in your career plan. Resist the inclination to switch from job to job without gaining mastery.
What soft skills (not already mentioned) are most important for a successful career in the Private Wealth space?
Dougherty believes that authenticity is an essential soft skill. There is a temptation to emulate the style of other successful people in the industry. However, it is difficult to maintain a style or personality that isn’t truly yours. In contrast, when you are being your authentic self, you are more likely to find clients who truly resonate with you. Each person will appeal to a certain type of client. Part of being successful is finding your niche and understanding the client landscape.
Demonte added that humility is another important skill. This will mitigate overconfidence when markets are doing well and foster resilience when markets fall. Likewise, humility is an asset when prospecting new clients. Some relationships develop easily while you may lose other prospects for reasons outside of your control.
Christman highlighted that it is important to build relationships with colleagues in addition to your clients. Your success is tied to the rest of the firm. It makes sense to foster a positive environment and celebrate everyone’s success.
Are you using AI in your workflows and, if so, how?
Demonte stated that AI remains in early stages but is impressive, nonetheless. In Cresset’s daily workflows, AI is used in a variety of ways:
· Cresset has integrated AI client note-taking with the firm’s CRM. These notes are then systematically converted into meeting summaries and next action steps.
· Cresset has also launched its own internal GPT to interface securely with proprietary information. For example, the tool can summarize a 75-page trust document into a subset of relevant bullet points.
· Looking ahead, he sees additional applications in areas such as client onboarding. This is critical because current challenges in the client onboarding process can often detract from the client’s overall experience.
· DeMonte anticipates that clients will also begin using AI tools to evaluate how Cresset is making decisions. For example, they might run their portfolio through AI to identify any potential questions or concerns. Cresset will have to plan for these conversations.
Dougherty expanded on the example of using AI to digest lengthy legal documents. In the past, analyzing such documents might have taken several days. Now, AI can do 98% of the analysis in far less time.
Christman focused on how AI is changing the recruiting process. Firms are using AI to write job descriptions and candidates are using AI to tailor their resumes. He believes that AI is an essential part of the process, but candidates should ensure that they do not lose personal touches on their resume and interactions. He has also observed increased use of AI among the incoming work force. For example, when interns are researching information, they often favor ChatGPT over Google.
What advice do you have for candidates applying to Cresset?
Christman premised his comments by stating that you should only apply to companies that truly excite you. Do your research on the company. Understand not just why you are applying for a given position, but also why you are applying to that company. Once a target company is identified, seek an introduction through a referral. This is preferred to only applying through a company’s HR portal. Any given position might have hundreds of submitted resumes. A referral helps get additional attention. Use your network whenever possible and be sure to thank anyone who has helped you connect or build your network. Additionally, Christman recommends engaging with any company of interest regardless of open positions. Timing plays a huge factor in opportunities, and such networking may eventually yield results.
Question & Answer
Do you have a digital asset strategy and are you facilitating any on-chain activity?
Patel noted that he has seen cryptocurrency activity on their trading desk, but it is not yet widely adopted. Additionally, he is aware of a handful of clients that are interested in cryptocurrencies.
Demonte commented that cryptocurrencies are not necessarily part of their typical approach to client assets. However, Cresset has a holistic approach that considers client interests and external assets. Cresset can import external data feeds into their portfolio reporting system. In cases where those external assets are cryptocurrencies, Cresset may factor them into broader allocation decisions and longer-term planning.
In addition to building suitable portfolios for your clients, do you also address other areas such as cash-flow needs and long-term risk?
Demonte provided a little history for context. He explained that Cresset started with two successful entrepreneurs who were not satisfied with the available choices for their own family offices. They started Cresset to meet that need and later expanded into a multi-family office. In doing so, they sought to offer a comprehensive array of private wealth services to support client goals including cash flow and risk management. Cresset’s in-house expertise includes wealth strategists, estate planning attorneys, and tax strategists.