Page 27 - Investment Advisor April/May 2023

sitting there with a need on the tax side that’s big — bigger than them wanting to do
it themselves or maybe more complex than they would like.
This pickup over the last two years is good because we had started to grow the
[tax] business anyway. Our tax team is over 40 strong and could double this year. It is
a high-growing area that we’re putting a lot of focus on to make sure, again, that we
take care of our clients.
Our multi-family office area is also growing quite significantly. We’re finding a
need for that area, which would include clients with $25 million of assets or more,
including upwards of $100 million. Their families want support [and services], but
they don’t want to have to build them on their own. We have a team that does just
that and that has been growing very rapidly in the last year.

What’s driving this increased demand?
It’s the idea that whoever is serving these individuals now may not be able to provide
them with the full experience of holistic in-house expertise. They get pieces of it or
get service that’s focused exclusively on the investment side.
Clients really want more than this. They want a trusted advisor that is a fiduciary,
doesn’t have proprietary products and can make sure that the clients’ children are
properly taken care of, as well.
Also, clients want to go beyond a one-
“ Clients want a trusted advisor that is a fiduciary, person advisory firm that maybe can’t

doesn’t have proprietary products and can make serve multiple generations. They’re
looking for someone to serve this [fam-
sure that the clients’ children are properly taken ily] mix, and they don’t want the big
care of, as well. Also, clients want to go beyond a institution or a one-person shop. We’re
in the sweet spot in between [these two
one-person advisory firm that maybe can’t serve types of firms], which is really driving
multiple generations. They’re looking for someone demand.
to serve this [family] mix, and they don’t want the What’s your group’s overall focus
big institution or a one-person shop. We’re in the in 2023?
How we staff up to serve more of our
sweet spot in between [these two types of firms], clients. Clients are yearning for the kind

which is really driving demand.” of model that I just described, this inte-
grated team of in-house experts that
can support them fully. Being able to
bring on team members at a fast pace to
ensure that we are supporting them is a big focus of ours. It’s obviously been a focus
in the past and is continuing in 2023.
I would double-click on the family office piece and around building out tax, estate
and family governance offerings for our clients in the ultra-high-net-worth space,
because they need those services, too. It’s a very focused area for our teams.
The teams I work with are made up of experts and service multi-family offices. A
lot of times that’s where I am focused. Also, we focus on making sure we have the
staffing needed for this [work], along with the services and capabilities.

In general, what industry trend is most affecting your advisors and your group?
As I mentioned earlier, clients are really looking for that advisor they can trust, a
fiduciary. I see that as a trend. We are in the golden age of the financial planning era
of people moving out of the brokerage houses, the wirehouses. And this means not

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