People On The Move
John C. Siciliano has joined New York Life as senior managing director and head of the firm's investment boutiques. He will be responsible for all activities related to the firm's external asset management business, including the operations and activities of Madison Square Investors LLC, MacKay Shields LLC, McMorgan & Company LLC, New York Life Capital Partners LLC and Institutional Capital LLC.

Nadine Givens has joined Indianapolis-based BKD Advisors LLC as senior managing advisor and office director. She has 24 years of experience in the wealth management business and specializes in integrated wealth management for high-net-worth families.

Christopher P. Bray, David B. Kearns and Richard H. Stevens have formed the private wealth management firm of Willow Street Advisors LLC, with offices in Naples, Fla., and Akron, Ohio. The firm is focused on serving affluent individuals and families by providing comprehensive investment management, tax consulting and estate planning services.

Millionaires Net Worth Down 30%
Millionaires have seen 30% of their wealth disappear as a result of the nation's financial crisis, but that apparently didn't darken their outlook.

In separate reports, the Spectrem Group found that millionaires suffered deep losses, yet ended the year on a good note as measured by the Spectrem Millionaire Investor Index (SMII).

In December, the SMII rose 16 points, its largest one-month advance since the index was created in February 2004. Spectrem noted that even with the gain, millionaires are still more pessimistic than they were a year ago.

"Millionaires and the affluent ended a dismal year on a relatively positive note, posting solid improvements in their investment outlook from record lows," says Spectrem Group President George H. Walper Jr. "Nonetheless, with both groups far more pessimistic than a year ago and the economy still ranking as their No. 1 concern, the New Year appears off to a shaky start for the wealthiest Americans."

In its report on the attitudes of affluent investors, Spectrem found that 17% of millionaires have absorbed asset declines of more than 40% as a result of the 2008 market collapse. Polling data was taken in November.

GenSpring Acquires Cymric
GenSpring Family Offices, a Palm Beach, Fla.-based wealth management firm for ultra high-net-worth families, announced it has acquired Cymric Family Office Services.

Cymric, based in Costa Mesa, Calif., was an independent multifamily office serving clients in California and other states. The combined firms have more than $17 billion under advisement, according to GenSpring.

Terms of the deal, which was completed December 31, were not disclosed.

Patricia M. Soldano, founder, president and CEO of Cymric, was retained after the merger and serves as chairman of Southern California operations with GenSpring, according to GenSpring spokesman Chuck Kaufman.
Advisor Groups Merge

The Wealth Advisor Institute (WAI) and The Advisors Forum LLC announced the completion of their merger.

The WAI has 500 members, primarily financial advisors. The Advisors Forum has a membership of 500, most of them estate and business planning attorneys. The merger reflects "the importance of multidisciplinary professionals working together as a team when addressing the estate planning needs of clients," the groups said in a press release.

As a result of the merger, The Advisors Forum will serve the membership of the WAI and provide members with all the events, products and services formerly provided by WAI. The Advisors Forum's executive director, Jonathan Mintz, will continue in that role and the WAI board of directors will serve as advisors to The Advisors Forum.

Family Offices Positioned To Preserve Wealth
As investors grapple with a volatile and unstable market, family offices are uniquely positioned to preserve their clients' multi-generational wealth, according to a recent report.

Pitcairn, a Philadelphia-based family office, says in a new white paper that family offices have the ability to integrate financial expertise with trust, estate and philanthropic planning, tax management, family governance, accounting and other services designed to sustain generational wealth.

"Managing, on a very personal level, the sensitive relationship between a family and its wealth is perhaps the key challenge we face growing wealth over a long-term horizon," says Pitcairn Chairman and CEO Dirk Junge.