“We’ve invested heavily in building a best-in-class technology stack that was designed to empower sophisticated advisors and complex practices,” says Matt Cicci, Head of the Private Client Group at CG, “Combined with that, as practices are getting larger they are looking to serve clients in a way that feels like their own business. They can now do that at firms like CG because we are uniquely positioned to support these kinds of businesses.”
Cicci added that CG was drawn to BPS because of their work as financial planners, commitment to delivering an elevated client experienced, and they shared an entrepreneurial mindset. He added that CG has grown from $8 billion to over $40 billion in AUM over the past decade. Their next stage of growth, he says, will be with the addition of more firms like BPS, billion dollar plus practices who are realizing how much more sophisticated the independent space has become.
Porteous adds that there is already an ongoing shift away from the banks. “People talk with their feet,” he says. He argues that many of the more sophisticated strategies and services modern clients require are more easily provided at independent firms whose sole focus is the wealth management business.
The client reception to this move, Porteous says, has been overwhelmingly positive. BPS announced the change to their clients via an email with an embedded video — something they couldn’t do at the bank — and explained to them the things that would change and, perhaps most importantly, the things that would not.
“Clients get the same continuity with us. What changes is the letterhead, which people don’t really care about,” Porteous says. “They care about the relationship and what the what their advisors are able to do for them.”
