"I have stood in front of my partners and cried out of humility and joy," Thomasson says. "To see that kind of commitment from 120 people is humbling. They work seven days a week, they call clients every night, they work on Sundays.
"I can tell partners this is for keeps," he declares adamantly. "We're not going to sell this place. We don't have a B team. I'm making a commitment that this place will go on beyond my lifetime."
With the dynasty trust, he says, "My voting shares are protected indefinitely to allow for the private ownership of the firm so that the owners make the decisions and enjoy the quality decisions of same." Neither of his children is involved in the firm.
Clearly, total commitment is required at Oxford, but that doesn't mean other aspects of life are given short shrift. Hurley says the best piece of advice he ever received from an advisor after working with them for more than ten years came from Thomasson.
It has everything to do with family and nothing to do with finance. Thomasson advised Hurley, a father of five, to have one-on-one lunches with each of his children, when possible, every week, at a restaurant of the child's choosing. It may not be completely practical for Hurley to do on a weekly basis, since his youngest is 1 year old.
"I never would have thought of it," he says. "But it has totally changed my relationship with my oldest daughter [who is 6 years old] and increased her self-esteem."
Every advisory firm finds it difficult to pass the torch to the next generation. But it's a somewhat different issue at Oxford, which has 14 partners of varying ages and lots of talent right below the partner level. "Shareholders here are not looking to sell the entire firm for a large payday," Stroman says. "It's critically important that we transition out of the first generation. I'm not going to be around here when I'm 70, and three or four partners are in my age group."
At some point, their shares will need to be redeemed. Of equal importance is ensuring that client relationships remain sticky and become institutionalized.
As for Thomasson's retirement plans, his answer via e-mail isn't surprising. "Retirement is not likely," he says. "Perhaps working less, but this seems like a long time away."