Send us Fan Mail Paul Karger is the co-founder and managing partner of Twin Focus, a boutique multifamily office that has spent 20 years serving approximately 50 ultra-high-net-worth families across $12 billion in assets. Paul built the firm alongside his twin brother after early careers spanning institutional brokerage and investment banking, and today Twin Focus operates as a fully integrated family office advising on investments, tax strategy, estate planning, philanthropy, and next-generation wealth education. In this conversation, Paul shares what he's seeing on the front lines of wealth management, including why high-net-worth families are accelerating their departure from high-tax states like Massachusetts and New York, how the millionaires tax and a 16% estate tax are reshaping residency decisions, and why lack of planning, not bad investments, is the single biggest destroyer of generational wealth. Paul also breaks down the concentration vs. diversification conversation he has with founders and executives still emotionally tied to their company stock, why the allure of private equity and private credit is fading for ultra-high-net-worth clients, and how Twin Focus is using AI internally while hiring specifically for AI automation. Beyond finance, Paul shares a 30-year martial arts journey spanning Muay Thai, Jeet Kune Do, and jiu-jitsu, his time running Glory Kickboxing in the US and serving as chairman of the Massachusetts State Athletic Commission under Governor Charlie Baker, and why he believes the discipline of the mat translates directly to client relationships and long-term business building. Topics covered in this episode: Why wealthy families are fleeing high-tax states and what it means for cities like Boston and New YorkThe millionaires tax, the 16% Massachusetts estate tax, and real client decisions happening right nowHow to de-risk concentrated stock positions when founders are emotionally attachedWhy private equity has become a "dirty word" for some ultra-high-net-worth clientsAI in wealth management and why Twin Focus just posted for an AI automation engineerNext-generation wealth education: family summits, charitable budgets, prenup conversations, and trust literacyWhat actually destroys generational wealth fastestThe multifamily office advantage over PE-backed roll-ups and single family offices30 years of martial arts: Muay Thai, Jiu-Jitsu, Jeet Kune Do, and opening a school in MassachusettsWhy ego is a harder opponent than the marketsIn The Harbor is presented by Diag Partners, a staffing and recruiting firm based in Beverly Hills, MI. Learn more at diagpartners.com. ⚓️ Find us In The Harbor Where sports, leisure, and finance come together — from the rink to the markets and everywhere in between. 🎙 Subscribe, follow, and join the conversation: 📸 Instagram & TikTok → @intheharborpod 💼 LinkedIn → Rock Harbor LLC 🐦 X & 📺 YouTube → @InTheHarborPod
