• Alternative Investments

A Message from PPB’s Founder, President & CEO

Dear Friends, Partners and Colleagues,

I am writing to provide a quick update on the current state of PPB’s operations.

First, our thoughts and prayers go out to the families and loved ones directly affected by COVID-19. As we fight this global pandemic, I am praying daily for you, your families, your team members and the health of your businesses.

As many of you know, the PPB platform was launched in July of 2008. I started the company in my condominium on 3rd and Fitzwater Street in Philadelphia. I was tired of corporate America, its lack of empathy and its lack of meritoriousness. After our launch, the 2008 financial crisis soon followed. When the crisis hit, we had not yet made money nor did we have the time to establish a culture. Furthermore, the Madoff Ponzi scheme had just been exposed. Wall Street was cratering. And yet, PPB survived. By controlling costs we allowed ourselves more time to prove the viability of our novel business model.

Within a few short years, we began to see double digit growth and profitability, but we never forgot about the financial and emotional pain experienced from 2008-2011. I offer you this background because it gives insight to the benefits of our conservative decision making.

With the above in mind, this conservatism has resulted in a strong balance sheet that provides plenty of operating liquidity to weather the storm. PPB has never borrowed, we have zero debt and with the exception of wealth advisors and their clients, we are beholden to no one. We are a lean organization, with strong asset commitments and deeply connected relationships with our wealth advisors. Operationally, as a Conshohocken, PA based firm, we have always been prepared to work remotely because of the temperamental weather in the Northeastern part of the US. In addition, we utilize service providers with multiple locations and contingencies built into their processes.

If 2008 is an indication of the future, we will have even more flexibility to serve you and your clients after the COVID-19 crisis dissipates. We remain convinced that our experience and reflections on 2008 provide great perspective in order to serve you even better today and into the future.

The PPB team sends best wishes to you and your loved ones to stay healthy and safe.

With kind regards,

Brendan W. Lake