Financial planning isn’t just about growing wealth—it’s about protecting, optimizing, and aligning it with your goals. For professionals, business owners, and families, managing complex portfolios requires expert guidance, a customized approach, and a trusted advisor focused on long-term preservation.
Neil Kay, Founder of Old Vine Capital, has nearly two decades of experience in institutional asset management, including time at BlackRock, advising on billions of dollars in client assets. As demand for unbiased, fiduciary investment advice grew, he became a trusted resource for friends and community members. After leading executive discussions, hosting symposiums, and ringing the opening bell at the NYSE, he launched Old Vine Capital to provide institutional portfolio management and fiduciary investment advice to families, individuals, foundations, and institutions.
Neil sat down with us to discuss his approach, the current investment landscape, and how West Austin families can plan for long-term financial success.
What financial trends should individuals be aware of in 2025?
Stock and bond correlations are near record highs (0.72 through 1/31/25 via Morningstar), reducing the diversification benefit of the traditional 60/40 portfolio. This environment underscores the need for alternatives as low-correlation investments that can still generate risk-adjusted returns. At the same time, money market yields are continuing to decrease as the Fed gradually reduces interest rates.
In both private and public markets, we believe some of the most significant investment opportunities of our generation lie in the ‘picks and shovels’ enabling the AI revolution.
How can business owners and executives protect and grow their wealth?
Wealth is often created through concentrated equity positions and business ownership but is preserved through thoughtful and tax-efficient diversification strategies. We have seen multiple cases of rapid wealth creation through company stock (Nvidia, OpenAI, Google, Apple, Meta, Cryptocurrencies, etc.), but we have also seen just as many cases of wealth being significantly eroded by failing to create an effective exit strategy.
Stock options can be an effective tool for managing risk, while custom individual stock indexing strategies can help harvest tax losses and reduce exposure to stocks or sectors correlated with their core business.
How do you help clients align their investments with philanthropic and social values?
Integrating each client's unique philanthropic and social preferences is one of our favorite ongoing conversations. Many of our ultra-high-net-worth clients benefit from the tax advantages of opening a Donor Advised Fund (DAF). With a DAF, clients can donate highly appreciated stock held for over one year without paying capital gains taxes on the underlying stock while also receiving a tax deduction for the full market value of the donation.
On the impact investing front, we build highly customizable stock strategies aligned with client passions, including faith-based approaches, animal-friendly investments, environmental tilts, and social exclusions (e.g., gambling, tobacco, predatory lending, fracking, factory farming). We are able to construct individual stock strategies that align with our clients' preferences while maintaining low tracking error to indices like the S&P 500, Russell 3000, or MSCI ACWI. We can also align proxy voting with these values, giving clients a voice beyond their portfolio.
Why is working with a fiduciary investment advisor important?
When evaluating an investment advisory relationship, working with a fiduciary is the most important decision. The firm providing guidance should be separate from the custodian holding your money to avoid portfolios filled with mutual funds, annuities, life insurance, and ETFs that generate kickbacks through 12b-1 fees or revenue-sharing arrangements. Many non-fiduciary advisors are bonused for selling proprietary investment products. As a fiduciary firm, Old Vine Capital remains free of conflicts, focusing on low-cost, tax-efficient strategies tailored to each client’s long-term goals.
For those looking to take a strategic, customized approach to financial planning, Old Vine Capital offers personalized wealth management solutions. Schedule a consultation to learn more at OldVineCapital.com or email Info@oldvinecapital.com.
"We continually monitor capital markets and proactively adjust portfolios to ensure alignment with each client's objectives and the current macroeconomic environment." – Neil Kay, Founder of Old Vine Capital