When I left Institutional Investor magazine in October 2024, my plan was to take a break from work, refine my idea for a new family-office newsletter, and start sending it a few months later.
The sabbatical I envisioned never happened.
Knowing my plans, the family-office group at Armanino, an accounting and consulting firm that counts over 60 billionaires as clients, invited me to a one-day event it was hosting at the Porsche Experience Center in Los Angeles. A few dozen family-office executives would be there, and they asked whether I wanted to attend and moderate a panel discussion — assuming I could make it. The event was in November.
It was a prime opportunity to introduce Modus to would-be readers. But so many decisions about it hadn’t been made yet. There wasn’t even a website.
Taking the conference stage and telling everyone I was the founder and editor of an effectively imaginary newsletter would have been a disaster. Modus had to be stood up fast, and with a lot of help from others, it happened.
I made the website live and shared the signup page on LinkedIn minutes before boarding my plane to L.A. (What if there was no Wi-Fi on the flight and something went wrong, or if I had to make changes? In hindsight, that was a little insane.)
By the time I got to my hotel near the racetrack, almost 200 people had already subscribed, and I, with hilarious ignorance, thought for a moment: This might be easier than I thought!
I also remember the first day that no one subscribed and feeling terribly anxious about Modus’s growth. And I vividly recall the “sender’s remorse” after the early newsletters, a deep regret that something was substandard or would read like unfinished work.
I’m sharing all this for a few reasons.
Instead of a bland “year in review,” I want to pen an annual letter with some substance. Something that forces me to reflect and memorialize some of the highs and lows; steps back and celebrates what was achieved; serves as a sort of investor letter (even though Modus hasn’t raised any capital and has no plans to); and shares what’s next.
I am proud of the journalism Modus did in 2025. This newsletter always has original reporting, be it exclusives or enterprise work, about a wide range of topics relevant to people who have a family office, or work for or closely with them. It’s covered things like changes to insuring $100 million art collections; family-office ETFs; personal Netflix-quality family documentaries; who to call for last-minute, $95,000 Super Bowl tickets; one man’s plan to upend recruiting for family offices; Goldman Sachs’ Apex Family Office Symposium and other conferences; invitation-only investment communities; the task of spending down a $2 billion family foundation; who is Mr. Family Office; and more.
From the start, I’ve wanted Modus to have a newspaper ethos and magazine pathos. It’s the only family-office-focused publication to publish poetry, including a fictional work from the perspective of Lachlan Murdoch.
It also created the Modus Family Office Allocation Index and Modus Family Office Technology Map.
Most importantly, Modus did reporting that had an impact. Family offices using or considering Archway asked Modus about Aquiline’s plans for the company it acquired from SEI, and the newsletter reported on that. Family offices are actively improving their operations and considering upstart software companies and service providers, so Modus has documented their capital-raising and growth.
Modus was the first to report that iPaladin filed a patent infringement lawsuit against its competitor, Orca, an ongoing case that could have significant implications for family-office software more broadly. It was also the first to report that iPaladin sent notices to 12 additional companies that it believes may also have copied its system, and that it is raising capital from investors. Together, the two parties have hundreds of customers. Family offices have reached out to Modus to share that they were unaware of the legal fight before reading about it in the newsletter, that it has been a factor in their decision-making about software, and changed how they do due diligence on companies going forward.
If Modus hadn’t written about that lawsuit, offices might never have learned about it. No other news publication has covered the case, which is a little puzzling to me. I don’t expect Bloomberg News or The Wall Street Journal to report on it. Frankly, that would be a misuse of their resources. Large news organizations have their own journalistic objectives and audiences, and all stories need to be for at least a meaningful number of them. But if your primary reader is a family-office professional or beneficiary, how can you avoid covering the technology they use and, in turn, the lawsuit? This is one of the best examples of why Modus exists and is needed.
The journalism itself is not the only reason that Modus has been successful.
Modus is very intentionally a bootstrapped, independent media company because that was the best foundation for doing impartial, assertive journalism. Modus generates revenue only from clearly marked ads — I don't accept fees from recruiters, do capital introductions, or consult for family offices, asset managers, or others. (This probably goes without saying, but I’m also not an asset manager and soliciting readers for capital or anything else.) And that is another reason the newsletter has attracted a growing group of highly influential and sought-after readers.
Over 1,800 people subscribe, including family members and workers at more than 325 single-family offices. The engagement with the newsletter and its ads is industry-leading. I consider Modus’s first year to be a commercial success. My goal, which I wholeheartedly thought was realistic and perhaps wasn’t, was to generate six figures in ad sales in 2025. Modus fell short of that, but I still replaced most of my magazine salary and expect revenue to be up materially in 2026.
A lot of people ask me about the above and I’m more transparent than most. I spend as much time as I can helping journalists and others determine whether starting something new is for them, how to do it, and, as a best guess, the likelihood of success.
I’ve found that most of the adages about starting and running a small business are true. One thing I’ll confirm here is that a single thing won’t make or break you. It’s a daily slog while you suffer a thousand cuts. If I knew what would go wild on social media and garner hundreds of quality subscribers in a flash, trust me, I’d be doing it. Such a thing doesn’t exist. Growing a news business takes time because building reader trust is a laborious thing you must do every day, not just say.
I am so grateful for the opportunity to work on something like Modus, and I take the privilege and responsibility that come with it seriously. If there's a way to make it better, please reach out.
Thank you, Modus readers, who are a truly impressive and attentive group. Thank you to all my sources and everyone else who has been generous with their time and helped me learn a tremendous amount about family offices, running a business, and more.
I accidentally told a lie earlier in this letter. Modus has one hypervigilant activist investor who also serves as its CFO and chairs the board, of which she holds all but one seat. That person is my wife, Stephanie Thrasher. She’s the best, and we all owe her a thank-you because there would be no Modus without her.
With this foundation, Modus will continue to do better work and grow next year and for many years to come. I’ve never been more excited about what’s on the horizon.
Onward!
Mike
Founder & Editor
Modus
Compared to private foundations or charitably-focused LLCs, Ren-powered DAFs via Renaissance Charitable offer:
- Greater contribution flexibility with the most favorable tax treatment and a low-cost liquidation process for complex assets
- Charitable capital grows faster and reaches farther thanks to streamlined administration, ultimate investment flexibility — including holding alts and concentration positions — and no excise taxes on investment returns
- Streamlined grantmaking, with more than 80% of grants approved instantly through automated vetting technology
- Faster setup, often in a single day, grantmaking can begin as soon as funds are posted
- Lower operating costs and complexity, managed through institutional-grade tech and white-glove service, grantmaking and reporting can be done in just a few clicks
Ren powers over $180B in charitable assets and enables $30B in annual grants recommended by donors across America. Ren-powered DAFs via Renaissance Charitable Foundation combine institutional-grade technology, flexible investment options, access to local experts, and the white-glove support that family offices expect.
More News
- On Wednesday, a Texas judge overseeing software company iPaladin’s patent infringement case against Orca denied two of Orca’s motions to dismiss the case. Modus was the first to report last week that iPaladin, amid litigation, recently sent notices to 12 additional companies that it believes may also have copied its system, and that it has begun raising capital from investors.
- I was a guest on Mark Wickersham’s WealthTech Podcast. We talked about the importance of independent media, why that’s important to family offices, and more. Watch or listen to the episode. (I can’t stand the sound of my voice. If you can’t stand my voice either, you can also read the transcript.)
- Elodie Rojas, who mostly recently built and ran a single-family office in France, has left to become head of family relations at ViaTalenta Group, a Swiss single-family office. Additionally, she has started ODAL Partners, an advisory firm that helps families design their own office. “We act as architects rather than product providers, bringing coherence, structure, and long-term resilience to complex wealth situations, especially at moments of transition or crisis.” ODAL is based in the south of France but works with clients globally.
- The Modus Family Office Technology Map has a couple of new additions. As a reminder: The map is not an endorsement by Modus, and companies do not pay to be included. It’s a visualization of the ecosystem and can be improved. Please share companies and categories to add, better ways to organize them, or any other suggestions.
- The Information turned over its own SPV stone and found that investors in second-layer special purpose vehicles to gain access to shares of SpaceX and other companies are paying twice as much as VCs and other institutional investors.
- An increasing number of “crazy rich” foreigners, many from Asia, are commissioning dozens, or even hundreds, of U.S.-surrogate-born babies with the goal of “forging an unstoppable family dynasty,” The Wall Street Journal reported this week.
- It’s getting easier to invest with Blackstone. The U.S. asset manager has tripled the number of private banks, wealth managers and insurers it works with in the EMEA region over the past two years, and signed with 25 new distribution partners in 2025.
- If this headline isn’t a sign of a K-shaped economy, I don’t know what is: A $600 Suckling Pig? Wagyu for All? On Menus, It’s a New Gilded Age. Related: This opinion essay that some subscribers might cheer and others will hate-read: The Billionaires Have Gone Full Louis XV.
- If that made you hungry, here’s New York Magazine’s 43 Best Restaurants in New York.
- Mitt Romney: Tax the Rich, Like Me is a pretty compelling opinion essay.
- Once a billionaire, Gary Winnick literally spent a fortune on lavish homes in Bel-Air, Malibu, and New York City, and the aftermath of his death in 2023 has revealed a sad, dire financial situation.
- When AI Comes to Town: $10 billion of investment. Code names to disguise projects and companies. Mixed opinions. Skyrocketing property values. And enough tax breaks to pay every state cop in Louisiana for seven years.
- Here’s a list of 25 of the 2026 market outlook reports from the largest banks and asset managers.
Jobs
- Whittier Trust Company is hiring a philanthropic services advisor in Pasadena, California. They are offering $110,000 and other benefits.
- Kay Shah, a recruiter at StevenDouglas focused on family offices, is helping one in Austin, Texas, hire an accountant.
Other Stuff
- Almost 2,000 people follow Modus on LinkedIn. It only shares timely, worthwhile updates, so you should, too.
- One way to make Modus even better? Send news tips! These can be light (topics you want to read more about) or weighty (specific information about changes or wrongdoing). The best ones include documentation. And you can, in confidence, reply to this email or message me on Signal using a personal device that is not accessible by your employer.
- Want to advertise in Modus? There are only so many opportunities in 2026. Fill out this form to get the sales deck.
I'll be...
- Celebrating my birthday tonight in N.Y.C.
- In Green, Ohio, again next week for Christmas.
- Back in N.Y.C. for the New Year.
