Dear Friends and Clients,
“Well begun is half done.” A little over four years into my tenure at Fiduciary, I believe this old adage aptly articulates the status of our multi-year reinvestment program. We have made material progress to date and we continue to see further opportunities to enhance and expand our services to clients.
2018 was an active year. We maintained our 98% client retention rate, achieved our second-best new business year ever, completed what we believe to be our 90th consecutive year of profitability, and delivered strong relative investment results for our clients. Most importantly, we helped many clients achieve their personal goals and became better positioned to assist them and their children for years to come.
During 2018, we continued our focus on enhancing our client experience, including the rollout of a new online client portal and the launch of our first mobile app. Guided by our conviction that this is a “people business,” dependent upon the identification, empowerment, and retention of high-quality professionals, we added a number of professionals to our team during the year. They included Hans Olsen, our Chief Investment Officer; John Morey, our Head of Client Service and New Business Development; and Kristen Manning, our Head of Human Resources. In addition, Jody King was promoted to the new position of Head of Financial Planning, underscoring our long-standing belief that a detailed understanding of clients’ aspirations, paired with analytically rigorous financial planning and investment strategy, will lead to better client results. We were also pleased with the continued growth of our New Hampshire trust activities and our dedicated custodial services for family offices and boutique registered investment advisors.
The year ahead looks to be even more active. One particularly important event will be moving our offices a few blocks to Exchange Place, located at 53 State Street. Even though we have never owned the building, our tenancy in the “Fiduciary Trust Building” over the last 41 years has been an important part of our history. Unfortunately, the building has not been maintained to the level we expect. As a result, we undertook a comprehensive search for a more modern office last year. We prioritized our client meeting space, accessibility for our employees, parking for our clients and the efficient use of space. Fortunately, we found and negotiated a favorable lease at Exchange Place that begins in June 2019. As Robert Gardiner stated in 1979 on the eve of the company’s move to 175 Federal Street from 10 Post Office Square, it was “the right building in the right place at the right time.” Today, we see 53 State Street with much the same anticipation.
My colleagues and I take pride in the work we have done on behalf of clients during 2018 and energetically look forward to furthering Fiduciary’s long history of distinctiveness into 2019 and beyond.
Austin V. Shapard
President & CEO