SEC ADV Form filed Q1 2026 · CRD #284-71920
$4.2B AUM · 41 client families · Boston · Greenwich
Your BusinessFamily Office · Multi-Generational Wealth
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Overview  ·  Performance & Results
SectionAudited Performance
AuditorDeloitte & Touche LLP
Through31 March 2026

Audited results,
twelve years deep.

A composite of all client households on the Discretionary tier, weighted by AUS, presented net of all fees, audited annually by Deloitte. Past performance is not indicative of future results — but it is, at minimum, the only honest evidence we can show.

Annualized Net Returns

Twelve calendar years,
net of all fees.

Composite return weighted by AUS across all Discretionary-tier client households. Benchmark is a custom 70/30 blend of MSCI ACWI and the Bloomberg US Agg, reweighted quarterly. Hover any cell for cohort-level detail (in the bound Q1 letter).

Calendar Year Composite (Net) 70/30 Benchmark1 Excess vs. Bench Std. Dev.2
2014+8.2%+5.4%+2.8 pts9.1%
2015+1.8%+0.4%+1.4 pts10.4%
2016+9.4%+8.2%+1.2 pts9.8%
2017+13.1%+15.7%−2.6 pts7.2%
2018−2.4%−5.4%+3.0 pts11.4%
2019+18.7%+19.9%−1.2 pts9.7%
2020+12.4%+12.1%+0.3 pts14.8%
2021+15.2%+12.8%+2.4 pts10.1%
2022−9.8%−15.6%+5.8 pts14.2%
2023+14.1%+13.7%+0.4 pts10.6%
2024+13.8%+11.9%+1.9 pts11.2%
2025+10.6%+9.4%+1.2 pts9.8%
12-Year Annualized+8.7%+7.2%+1.5 pts10.4%

1 Benchmark is a custom 70% MSCI ACWI / 30% Bloomberg US Aggregate Bond Index blend, reweighted quarterly. Selected as the closest single benchmark to the long-term aggregate allocation across our 41 client families. Individual family allocations vary considerably.
2 Standard deviation of monthly returns, annualized. The composite has historically run 100–250 basis points lower in volatility than the benchmark — partly a function of the liquidity sleeve described in our philosophy.
Composite represents Discretionary-tier client households continuously engaged for the full reporting period. Households on Advisory or Concierge tiers are excluded. Past performance is not indicative of future results.

Selected Engagements

Three case
summaries.

Anonymized for confidentiality but with each engagement summarized to the level we'd present in an annual review. Numbers are real; details are masked.

Engagement A · 2014–Present

The founder family.

$340M founder liquidity event in 2014 from a healthcare-IT exit. Concentrated, entirely public-equity-stock exposure on day one. Over twelve years we executed a disciplined diversification, funded a $40M family foundation, structured two dynasty trusts for the rising generation, and onboarded the principal's two adult children to the next-generation curriculum.

AUS Today$612M
12-yr CAGR+10.1%
Effective Tax11.4%
Generation CohortG2 → G3
Engagement B · 2008–Present

Multi-generation transition.

Joined two years before the family patriarch's intended succession. We led the cross-disciplinary group of estate counsel, trustees, and family principals through an eight-year transition completed in 2016. Today the third generation runs the family council; the fourth is in our curriculum.

AUS Today$1.1B
18-yr CAGR+8.4%
Generations ServedG2 — G4
Trusts Funded14
Engagement C · 2019–Present

Foundation-led practice.

A private-equity-founder family whose primary focus is grantmaking. Investment management is a means; the foundation is the end. Since 2019 we have administered the foundation, structured a $200M charitable lead trust, and run a quarterly grantmaking strategy session that has deployed $84M to 142 grantees.

AUS Today$420M
Granted Since '19$84M
Grantees142
Foundation Vehicles3
Generational Outcomes

Eighteen transitions,
thirty-four years.

Below are the cumulative outcomes of multi-generation wealth transitions completed since 2008 — the data we are most quietly proud of, and the data on which the rest of the practice rests.

Eleanor was the only adult in the room, when my father retired, who treated my brothers and me like the future stewards we were. The portfolio mattered. The way she ran that meeting mattered more.

— Principal, Engagement B (G3)

Multi-Generation Outcomes

2008 — 2025 · 18 Engagements
Generational transitions completed18
Of which on-time within plan17 / 18
Inter-sibling litigation events0
Post-transition AUS retention96%
Avg. transition timeline7.4 yr
Wealth retained vs. dissipation studies3+22 pts
Rising-gen graduates of curriculum62
Of which now sit on family councils54 / 62

3 Public studies of multi-generational wealth (notably the Williams Group 2003 study) suggest 70% of family-wealth transitions fail by the second generation. Our 96% retention figure is calculated from initial pre-transition AUS to current AUS for the 18 engagements measured. Past performance does not predict future outcomes.

Discovery

A first conversation.

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