Pre-IPO investing isn't an advisor problem... it's a missing infrastructure problem.

Dean Rubino, Co-Founder and CEO of KPC Private Funds, joins Mike Langford to explain why the market is going direct to consumers and skipping advisors, what fiduciaries need before they can responsibly offer pre-IPO exposure, and how KPC lets advisors invest clients in hedge funds, private equity, pre-IPO stock, and co-investments with one set of documents, one signature, and one K-1. In this episode: Why the real pre-IPO "mistake" is a market structure issue, not an advisor errorWhat infrastructure fiduciaries need: custodial acceptance, ownership diligence, and clarity on share classesWhy private companies are staying private longerHow pooling capital can open funds with $10M minimums and QP-only vehiclesWhy the complexity in private markets is evaluating the investment, not understanding it Chapters: 00:00 Cold Open: Advisors Aren't the Problem 01:05 Intro 02:17 Welcome Dean Rubino 04:02 From a Brooklyn Trading Floor to a Wrong Number at Merrill Lynch 08:03 Lessons for Young Advisors: Go Ping People 12:27 Where Advisors Go Wrong With Pre-IPO Investing 14:24 It's an Infrastructure Problem, Not an Advisor Problem 19:19 The Operational Friction of Private Investments 22:34 How KPC's Platform Works 28:00 Why Paperwork Kills the Client Conversation 30:29 Custom Allocations for Every Client 33:41 Client Demand and the Minimums Problem 35:11 Why Private Companies Are Staying Private Longer 40:50 The Advisor's Role in a Complex Market 42:12 The Complexity Isn't the Investment 43:56 Where KPC and Private Markets Are Headed 47:04 Banks Retreat, Private Funds Step In 47:45 Where to Find Dean 48:08 Outro