Joan Malloy, a veteran wealth management specialist, and two partners have formed the Greenway Family Office in St. Louis to serve high-net-worth families through a multi-family office structure. The new firm will provide comprehensive financial management, asset preservation, family governance and legacy planning services, according to a May 17 announcement.
“This structure is designed to provide families with the ultra-high level of service typically associated with a single family office, which handles the affairs of just one family, while also providing the cost benefits and operating efficiencies found in a multi-family office,” Malloy said in the statement.
Malloy, who will serve as the firm’s managing partner, previously worked at Price Waterhouse and Arthur Andersen, and was a co-founder and president of St. Louis Trust Co., a firm she left last year.
The Greenway Family Office will collaborate with all of a family’s existing service providers, and will also make available an all-inclusive record-keeping approach that offers real-time information in a centralized and confidential manner, the statement said. The firm does not sell its own line of investment products or offer a preferred list of service providers, but rather selects “best in class” products or services that meet a family’s goals.
The family office is also introducing a family capital assessment methodology that extends beyond traditional reviews of account statements and balance sheets. According to the statement, the firm’s partners will first assess each family’s “human capital”–the physical, educational and emotional well-being of the family and the relationships within the family unit. The process will also consider the family’s “social capital,” or the outward expression of its values through civic, political, religious, charitable and other endeavors. The objective of this analysis is to set a course for how the family plans to leverage its financial capital to support the goals and objectives of individual family members.
“To manage affluence effectively, you need to have a complete understanding of the financial picture, as well as the human and social needs and aspirations of the family,” said Malloy. “When adequate attention is not paid to one of these key elements, the long-term financial stability of the family can be jeopardized.”
The firm, which is a Registered Investment Advisor, will cater to families with liquid assets of at least $10 million and an overall net worth of at least $25 million, of which several thousand families in the St. Louis area alone fit these criteria, Malloy said in the statement. Fees for services will be developed individually for each client, and are based on the scope of services provided and/or the amount of assets under management.
Two other wealth management professionals have joined Malloy as founding partners of Greenway Family Office. Christopher Thompson comes on board from Lowenhaupt Global Advisors, where he was chief family office executive, with responsibility for service teams, client family management, building resources and family service offerings. He previously worked as an analyst within a single family office, and as a private client manager at Bank of America.
John S. Tiffin previously specialized in estate planning, probate and trust administration issues for a private law firm, and then served as Bank of America’s fiduciary leader in Tampa before transferring to St. Louis in 2005. Most recently, he was a wealth management advisor for JP Morgan.
Michael S. Fischer (email@example.com) is a New York-based financial writer and editor and a frequent contributor to Wealth Manager.