At a time when all manner of providers are toying with the family office construct as a solution to flagging profits and growth, Market Street is a family office with an undeniable pedigree, a tested process and a willingness to put clients first.


Harvesting The Big Apple
    After more than 100 years in Corning, N.Y., Market Street Trust opened an office in New York City earlier this year. The new office, at Park Avenue and 59th Street, gives the organization better access to clients and advisory professionals in the tri-state area, as well as a new universe of potential clients.

    At the same time, the firm announced that highly regarded industry leader and Market Street board member Robert Elliott will join the family office full time as vice chairman to lead its Manhattan-based efforts. Elliott spent nearly 40 years with Bessemer Trust, most recently as a senior executive with responsibilities for client service and business development, and played an influential role in helping the company transform itself from a single-family office created by Henry Phipps in 1907 to its current incarnation as a top-ranked wealth manager.

    Bessemer and Market Street share similar heritages and values, which is likely part of the appeal for Elliott and his new employers. They also say they share a client-centric doctrine that’s subordinated at many other wealth management concerns. “Market Street’s shared ownership model creates a clear alignment of interests between stakeholders and clients—they are one in the same,” Elliott says.



 

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