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May 18, 2010 at 08:00 PM
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.
