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