In the financial industry, the ties that bind are increasingly those between financial advisors and a growing clientele of high-net-worth (HNW) and ultra-high-net-worth (UHNW) families seeking to preserve their wealth and continue their legacy.
This year, the annual Financial Advisor RIA survey found that six of the top 10 Southeastern firms with the most client assets under management (AUM) are family offices.
That may not be all that surprising when, according to advisor James E. Hughes, author of “Family Wealth: Keeping it in the Family – How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations,” nearly 85% of wealthy families squander their fortunes by the third generation.
At the end of 2018, the top six Southeastern family offices reported a combined AUM of $45.9 billion.
Here, in ascending order, are the top 10 Southern firms with the greatest amount of AUM in 2018.
10. Finaccess Advisors
Finaccess Advisors was founded as Finaccess México before spinning off its parent company and remaining in Miami, where it was established in 2010. Last year, the firm managed $4.2 billion in client assets.
9. Signature Family Wealth Advisors
Anne Shumadine and Susan Colpitts launched this family office in 1994, at a time when women made up a small portion of the wealth advisor business. In 2018, Brown Advisory in Baltimore acquired the Front Royal, Va.-based RIA, which reported $4.3 billion in AUM at the end of the year.
8. Monroe Vos Consulting Group
Headquartered in Houston, Monroe Vos went independent in 1994. Today it is one of the largest independent, full-service investment consulting firms in the South. At the end of 2018, Monroe Vos reported $5 billion in AUM.
7. CV Advisors
CV Advisors is an independently owned and operated global multifamily office headquartered in Aventura, Fla. Five years ago, Drake said it grew its assets by 100%, reaching $2.5 billion, and doubling its portfolio just by taking on six wealthy families from Latin America who were referred to CV Advisors by existing clients. In 2018, CV Advisors had $5.1 billion in AUM.
6. Homrich Berg Wealth Management
In 1989, Andy Berg and David Homrich founded Homrich Berg, an independent, fee-only advisory practice headquartered in Atlanta, to fill an emerging need in the financial services industry for family office services. Three decades later, Berg and Homrich reported managing $5.5 billion in client assets during 2018.
5. Tolleson Private Wealth Advisors
John Tolleson established Tolleson in 1997 by opening a single-family office to manage his family’s wealth. Last year, this multifamily office in Dallas reported managing $5.6 billion in client assets.
4. Mason Investment Advisor
Founded in 1982, Mason, a Reston, Va.-based boutique investment advisory firm, provides customized financial planning, investment management and charitable giving advice to a wide range of clientele. In 2018, Mason reported managing $6.5 billion in client assets.
3. WE Family Offices
Founded in 2000 by Santiago Ulloa as TBK Investments, SunTrust Bank acquired the firm in 2007. In 2013, the Miami-based firm went independent again as WE Family Offices, a fee-only fiduciary firm. According to the WE Family website, the practice works with about 70 families in the U.S. and abroad. In 2018, WE Family Offices reported managing 7.4 billion in client assets.
2. CIBC Private Wealth Management
Atlanta-based CIBC Private Wealth Management is a wholly owned family office subsidiary of the Canadian Imperial Bank of Commerce (CIBC), headquartered in Toronto. Last year, CIBC Private Wealth Management reported managing $18 billion in client assets.
1. CAPTRUST
Founded in 1989, CAPTRUST is a Raleigh, N.C.-based independent investment research and advisory firm that provides retirement plan and investment advisory services to individuals, corporations, academic institutions, not-for-profits, and their employees. Last year, the company reported managing $289.7 billion in client assets.
