On Tuesday, October 22nd, Michael Orfini, senior vice president and senior wealth strategist at Northern Trust, will be moderating the “Wine as an Asset Class” event in partnership with ACG National Capital.
In addition to Mr. Orfini, the event will include a distinguished panel of experts, including:
– Scott Greenberg: Wine columnist for The Washington Examiner newspaper and the “Wine of the Week” correspondent for WTOP Radio
– Mark Ricardo: Founder & President at Trellis Fine Wine Investments, LLC
– Hugh Magill: Executive Vice President Northern Trust Corporation, Chicago, where he serves as Chief Fiduciary Officer and Global Director of Trust Services
– Jim McNair: Senior Tax Partner, ReedSmith
We recently sat down with Mr. Orfini to discuss his background, the event and what attendees can expect. Here is what he had to say:
CGCS: Can you provide our readers with some background information about Northern Trust? What are your responsibilities with the company?
Mr. Orfini: Northern Trust was founded in 1889 and is a leading provider of asset management, fiduciary, banking, asset servicing and fund administration solutions for individuals, families, corporations and institutions worldwide.
I’ve been in the financial services sector serving high-net-worth clients in the greater Washington DC region for the past 13 years. I am the Mid-Atlantic Senior Wealth Strategist for Northern Trust and am responsible for introducing the firm to new clients and helping in the transition of portfolios into Northern Trust.
I’m a retired U.S. Naval Aviator, and previously served in the White House as a Navy Captain and Military Advisor to two U.S. Vice Presidents. I received my bachelor’s degree from Villanova University, a master’s degree from the University of Southern California, and a master’s degree from Harvard University, John F. Kennedy School of Government.
CGCS: You’re going to be moderating an upcoming ACG event entitled, “Wine as an Asset Class.” What is the background for such an event and what can attendees expect to get out of this event…aside from samples of delicious wine?
Mr. Orfini: In the spring of this year, Northern Trust published an article in our “Wealth” magazine called “A Liquid Investment.” This was the initial catalyst for this event. We have received good feedback from our clients (from this article) and we thought others might also enjoy learning about this topic.
We, at Northern Trust, do not recommend holding wine as an asset class (in our portfolios) but it is certainly is a thought provoking idea.
Northern Trust opened our Washington DC office two years ago and joined ACG partly to learn more about the Mid-Atlantic region. As members, ACG approached us and asked if we wanted to put on a workshop for an ACG event.
We wanted to do something different and interesting, so “Wine as an Asset Class” seemed to fit nicely because it is a current topic and fun. It’s a night out in DC with a great local panel of wine experts, including an investor in wine and a wine columnist.
The purpose of the event would be to answer questions on how one would invest in wine (if they wanted to) as it is of interest to some high-net-worth individuals. The first half of the event would be educational and focused on the considerations one needs to make before investing in wine such as storage components, return on investments, as well as insuring one’s wine, gifting it to the next generation, etc.
Boxwood Winery (owner John Kent Cooke) will also be supporting the event and they will be conducting wine tasting for the attendees.
CGCS: Why should ACG members take note of this event?
Mr. Orfini: ACG members should take note because it’s a combination of education and fun; most people consume wine, and, if they don’t, they’re exposed to it in many different settings. It’s nice to know a bit about what some other folks are doing with their investment portfolios, and, if anyone would ever want to include it in their own portfolios, the panel will provide some good insights.
Attendees will also learn about Boxwood’s wine (located in Middelburg Virginia) and how to properly sample wine, which will be fun.
To learn more about the “Wine as an Asset Class” event, and to register, click HERE.