Prostano of UHNW Institute reflects on lifetime-achievement award

Steve Prostano is no stranger to wealth management.

His impressive career spans several decades, with a humble beginning in public accounting before moving into what is now known as the multifamily-office space.

“When I reflect back on my career, I realize it mirrors the evolution of the wealth management industry and the birth of the multifamily-office industry,” Prostano told Crain Currency. “I started working with ultra-high-net-worth families and family offices, then I worked hand-in-glove with wealth management firms in the 1990s, to where I started building MFOs in the 2000s.”

Recently, Prostano put his talents and experiences to good use with the launch of the UHNW Institute, a nonprofit think tank focused on furthering education for advisers and wealth management firms so they can provide insights and resources to advance how they serve ultra-high-net-worth clients.

Last week, Prostano was honored at the Family Wealth Report awards with its top honor—lifetime achievement.

“It’s a passion—it’s my golf and recreation,” Prostano said. “If I were to tie it into what I’m doing today at the UHNW Institute, we’ve built this community including individuals, advisory board and faculty who are equally passionate about helping advisers serve families better to transform the industry.”

The recognition, said Prostano, is special.

“At the UHNW Institute, we love our clients, we love the industry. We recognize the challenges the industry faces, and we want to overcome them,” he said.

“This has been reenergizing. None of us are retiring anytime soon.”