When Daniel Catone, the founder and CEO of Golden State Wealth Management, moved to Wyoming, he was looking for a home loan.
It just so happened that the bank manager of the hometown Powell bank had asked Catone to lunch, hoping to welcome the new entrepreneur to town.
“We have land near Powell, and we are building on it, and one of the endearing things about Powell – basically, the first week I moved here, the local bank manager called me up and took me out to lunch just to welcome me to town,” Catone said. “I thought, ‘OK, this is the best,’ and I ended up doing my loan through him.”
Catone and his family had relocated from California to Powell in 2018. This June, Catone was named by InvestmentNews as a 2019 40 Under 40 Honoree, chosen from a list of 1,000 nominees. After working with lawyers at the United Nations High Commissioner for Refugees in Switzerland and at a law firm, Catone became a solo adviser at 21. By 2005, he had launched Redwood Investments, a private wealth management company.
Catone subsequently pioneered a firm, Golden State Wealth Management, the structure of which is based on what he’d seen attorneys use: Advisers own their practice and book of business, as well as a share of the overarching registered investment adviser, according to InvestmentNews.
“It’s equal to their assets under management participation,” Catone said. “We don’t dilute value by adding more advisers.”
Golden State is a registered investment adviser dedicated to financial professionals and their clients, founded in 2013. Golden State has partnered with advisers serving more than $1.5 billion in brokerage and advisory assets, and its infrastructure provides an extensive support network through succession planning, compliance oversight, dedicated transition support, a cost-efficient investment platform and a Turnkey Asset Management Program with equity ownership opportunities.
The flagship office is located in South Coast Metro, California, and since establishing that office, Catone has created two more RIAs. His enterprise now manages more than $1.5 billion in assets.
The Wyoming-based company, Golden State Asset Management, is located in Powell and manages $130 million in assets for clients who are primarily financial advisers in other states.
Last summer, after moving to Wyoming, but before Catone financed his home loan through the local Powell bank, he needed to find a real estate agent.
“I walked down the street to the local real estate office, and sure enough, the Realtor there looked familiar. Turns out he was the brother of the bank manager. He sold us our land, and we just started building,” Catone said.
This, he said, is why he moved his family to Wyoming.
“I’m not from Wyoming; we are originally from California. We learned a lot about Wyoming when we started visiting here over the last couple years. We visited Wyoming communities and saw the beauty that is here. We learned about Wyoming’s business-friendly environment, and we thought, ‘You know what, that is where we want to raise our family,’” Catone said. “So this is where we moved.”
Catone formed the third company that makes up Golden State Wealth Management, Golden State Asset Management, in Wyoming.
“To be frank, it’s been very easy to transition to Wyoming. Forming the company took about five minutes, and it was the easiest thing I have ever dealt with in terms of a state government,” Catone said.
He said he tells people all around the world that he lives in Wyoming – and while he may have to repeat himself once in a while, Wyoming is making a name for itself in investment banking. Central bankers from around the world gather each year in Moran Junction for the Kansas City Federal Reserve’s annual retreat, and this year’s meetings Aug. 22-24 drew Federal Reserve Vice Chairman Richard Clarida, Governor of the Bank of England Mark Carney and Fed Chairman Jerome Powell, among others.
With daily flights out of Cody to Salt Lake City and Denver, Catone hasn’t found travel outside of Wyoming to be an issue, either.
There is a culture of friendliness in Wyoming that doesn’t exist in metropolitan areas, Catone said.
“You might be on the subway and you are busy, and it is just hard to be friendly,” Catone said. “Here, it’s not that life is slower here, but it is like people prioritize differently. We’ve made more friends in the last year in Powell than we made in 10 years in California. It has been a real breath of fresh air.”
There’s also a sense of freedom in Wyoming that is different than in the big metropolitan areas, he said.
“That comes from the tradition of being the West, the openness of everything, and that has been really palpable,” Catone said. “As an entrepreneur, that has been amazing.”
InvestmentNews’ 40 Under 40 project strives to award young talent that is rarely recognized in the financial advice industry. By rewarding these honorees, InvestmentNews hopes to reveal the promising future for the industry.
“The men and women chosen as this year’s 40 Under 40 honorees were selected based on their level of accomplishment, contribution to the financial advice industry and leadership,” said Frederick P. Gabriel Jr., editorial director of InvestmentNews. “They serve as role models for other young professionals and suggest the financial advice industry has a bright future.”
Catone, along with the others making up the sixth annual 40 under 40 list, was highlighted in the June 17 issue of InvestmentNews and online at investmentnews.com.
“The greatest gift you can give is to leave everyone better off than you found them,” Catone said. “I live by this principal daily, and it has afforded me success in both my personal and professional life.”
Wealth management, he said, allows him to create a greater well-being for many people, and he enjoys enriching the lives of those he has the opportunity to work with.
“I am honored to be recognized on this year’s 40 Under 40 list,” Catone said.