115: Karl Heckenberg, Founder of $1B platform Constellation Wealth Capital, on Billion Dollar Partnerships, Founder-Led Firms, and Why People Matter More Than Performance

Billion Dollar Backstory

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People matter more than performance. Yes, even in a numbers-obsessed industry.

Take it from Karl Heckenberg, founder of Constellation Wealth Capital, a $1B platform that takes minority, non-controlling stakes in large RIAs and wealth management firms.

Yes, he understands the numbers and mechanics behind investing. But what actually sets him (and his fund) apart is the fact that he builds real partnerships.

In this episode, he sits down with Stacy to talk about:

His backstory: from investment banker to CEO, and how he built a $1B platform by betting on people
Why founder-led firms outperform (and how Constellation supports them)
What makes a capital partner “friendly” (and what doesn’t)
Ownership and succession blind spots in wealth and asset management
Lessons from 40+ deals that apply to any founder looking to grow
The real ROI of relationships, connection, and shared values

More about Karl:
Karl serves as the President and Managing Partner of Constellation Wealth Capital. Before founding CWC, Karl was the CEO of Emigrant Partners and its affiliated company, Fiduciary Network. His career in the financial services has taken him to renowned institutions like Merrill Lynch, A.G. Edwards & Sons, Wells Fargo, and Charles Schwab. Karl has also contributed his expertise to several boards, including Sarasota Private Trust Company, New York Private Trust Company, and Cleveland Private Trust Company, and is currently on the board at Alternative Fund Advisors. He also held the position of Vice Chairman at Emigrant Bank and chairs the CWC Investment Committee.

A Washington, D.C. native, Karl is an alumnus of Saint Joseph’s University in Philadelphia.

Books Mentioned in This Episode:

The Psychology of Money – Morgan Housel | https://a.co/d/j4ZWvk2
Moneyball: The Art of Winning an Unfair Game — Michael Lewis | https://www.amazon.com/dp/0393324818
The Big Short: Inside the Doomsday Machine — Michael Lewis | https://www.amazon.com/dp/0393338827
The Undoing Project: A Friendship That Changed Our Minds — Michael Lewis | https://www.amazon.com/dp/0393354776

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