From CPA to CEO

One need not be a descendant of the Vanderbilt, Carnegie, or Rockefeller dynasties to receive sophisticated financial service anymore. Nor does one need to reside in historically wealthy enclaves like Palm Beach, Newport, or Napa Valley.

Jason Ozur, CEO of Lido Advisors, is making sure of that by taking his family-office model coast to coast and everywhere in between.

Since joining the firm in 2009, Ozur has leveraged his previous experience in accounting and investing at a family office to grow Lido from a Los Angeles-concentrated RIA to a nationally known and respected high-net-worth wealth manager. At last check, Lido boasted more than 300 employees across 33 offices nationwide and $29 billion in assets under management, up from $19 billion at the start of 2024.

Of course, a little infusion of private equity money to fuel that growth didn’t hurt. In May 2021 Charlesbank Capital Partners, a private equity firm based in New York and Boston, took an undisclosed, yet “significant” stake in Lido. At the time, Lido was managing a little more than $9 billion.

Still, the multi-generational money management and tax planning strategies advanced by Ozur provided the model for expansion.

After starting his career as a CPA performing audits and preparing tax returns, Ozur joined a large family office, where he was on the team that managed the family’s substantial investments and served as CFO of its international water conservation company.

“This experience shaped my approach to client relationships at Lido,” Ozur said. “It taught me the importance of tailoring strategies to each family’s individual circumstances and coming to every meeting without preconceived notions. Recognizing and respecting the uniqueness of each family ensures that we provide truly personalized solutions and build meaningful, lasting relationships.”

START BY CRUNCHING THE NUMBERS

His CPA background provided a foundation for transitioning into wealth management, as the accounting profession instills in its practitioners a deep understanding of fiduciary responsibility. Further, CPA training in areas such as financial statements, financial planning, estate planning, and taxation offers an advantage in understanding the complexities of wealth management.

Perhaps most important, conducting audits and preparing tax returns for investment partnerships gave him early exposure to the intricacies of the financial world, which proved invaluable throughout his career and eventually shaped his vision for Lido.

“This experience highlighted the importance of alternative investments, and I came to believe that true differentiation for clients lies in having the expertise to offer bespoke alternative investment opportunities tailored to their needs,” he said.

Additionally, years serving clients taught him that the greatest assets of any firm are its people and culture, an idea too often overlooked in the financial services industry.

“I envisioned building a firm where ownership was not concentrated in the hands of a few but distributed among the many who contribute to its success,” he said. “Today, we have over 100 shareholders, and that number grows annually, as we help finance equity purchases for our team members, fostering a culture of shared ownership and commitment.”

KEEPING IT IN THE FAMILY OFFICE

Working in a family office informed his approach to everything he tries to achieve at Lido, he said. Foremost, he gained an understanding of family dynamics, including the unique perspectives and priorities of generation 1 (G1) and the younger generations (G2 and G3), and the nuances of navigating among their different needs and perspectives.

Attending family office conferences reinforced in him a crucial insight: “When you’ve seen one family office, you’ve seen one family office.”

And while the term “family office” has become ubiquitous, often to the point of commoditization, Ozur said Lido’s holistic and centralized version is different from other RIA wannabes professing to offer white-glove client service.

“Our key differentiator is the integration of essential services directly accessible to our clients through what we call the Lido One model. This comprehensive approach incorporates wealth management, financial and estate planning, tax consulting and preparation, trust services, and a proprietary investment platform offering both traditional and alternative investments,” he said.

PROPELLED BY PRIVATE EQUITY

Ozur readily admits Lido’s partnership with Charlesbank Capital has been transformative, extending far beyond financial support. He praises Charlesbank’s ability to bring expertise and sophistication to help Lido enhance operational efficiencies, explore organic and inorganic growth opportunities, and refine staffing strategies.

“Over time, these connections have grown into genuine bonds that we believe will endure well beyond their investment in Lido,” he said. “Charlesbank’s involvement has truly elevated the way we do business, strengthening our ability to deliver exceptional service to our clients while positioning us for sustained growth.”

Geographically, Charlesbank’s support has enabled Lido to expand its footprint in places most high-net-worth wealth managers fly over.

In October 2024, for example, Lido extended its presence in the Midwestern market by acquiring Pegasus Partners, a Mequon, Wisconsin-based firm with more than $3 billion in assets. That deal came soon after Lido’s move into the mountain states with the acquisition of Platte River Wealth Advisors, a $600 million independent RIA in Louisville, Colorado.

Not that Lido was ignoring the wealth on the left and right coasts, mind you. In December 2023, it extended its reach into New England’s high-net-worth market by acquiring Boston-based RIA Claybrook Capital. And in 2022, Lido picked up Enterprise Trust & Investment Company, a California-based trust company managing $800 million.

Looking ahead to 2025, the goal is to continue Lido’s “thoughtful” expansion, Ozur said.

“We aim to identify the right partners in markets like Seattle, Cincinnati, Detroit, Minneapolis, Boston, New Jersey, and New York City, further strengthening our national presence while maintaining our commitment to talent and culture,” he said.

The former CPA doesn’t want to overpay. And that’s not an easy feat, considering the private-equity-backed RIA arms race.

“As a former accountant, I’m mindful of the importance of disciplined valuations. While some valuations remain elevated, they are often justified for top-tier firms. For others, it’s essential to assess critically whether the financial metrics align with long-term sustainability in the current economic environment,” Ozur said.

MAINTAINING QUALITY WITHOUT COMPROMISE

Rapid expansion is fraught with potential pitfalls, no matter how thoughtful one’s intentions. Ozur understands that constantly adding new employees to Lido, however talented, could upset the firm’s cultural balance.

“The toughest part of my role as CEO is ensuring that we maintain our unique culture and high standards of client service as we grow. At the same time, we must never compromise on the quality of our people or our commitment to excellence,” he said.

As for his favorite part of the job, Ozur said it’s seeing his clients’ families achieve their personal and financial goals, not to mention the families of his own employees.

“Many of our employees joined us straight out of school or early in their careers, trusting us to guide them, and it’s incredibly rewarding to see their careers flourish.”