Dear Friends and Clients,
Few years will have the societal impact that 2020 had upon our world. For many of us, it will be a seminal year—one that we look back upon as an inflection point for what came before it and what followed.
A confluence of events defined the American experience during these past 12 months. The COVID-19 pandemic forced unimagined hardships and adaptations not experienced in generations. The murder of George Floyd forced reexaminations of long-standing wrongs. The contentious presidential election forced recognition—regardless of political party—of our divided nation. The warmest year on record highlighted long-term environmental issues. And finally, increased economic inequalities forced reflection on shared responsibilities.
For Fiduciary, 2020 was a year that reinforced what we have learned during our prior 135 years about navigating uncertainty and prioritizing the wellbeing of our clients, colleagues and nation. Fiduciary serves a role that goes beyond just the safekeeping and management of investments. We believe this is a noble profession dedicated to helping families and charitable organizations navigate life’s challenges to achieve their specific visions. Importantly, we act as a stabilizing and permanent partner during tumultuous times.
As evidence of our strength of service this past year, Fiduciary crossed many defining thresholds, including maintaining our 98% annual client retention rate, generating the most new business ever, tipping past $18.5 billion in client assets, and extending the number of years of consecutive profitability to 92.1 While we are conscious of these corporate achievements, what we are most proud of were the opportunities to engage in personal dialogues and decision-making with clients on how to achieve long-standing and new goals amidst a changing world. For this, we thank our clients for their continued trust in our work and counsel.
Operating largely remotely is new and challenging. We miss in-person interactions with our colleagues, the office comradery and the ease of engagement. Nonetheless, we have provided uninterrupted service throughout the pandemic and are aware of how fortunate we are to have been able to do so. In addition, there have been several unexpected silver linings during this journey, which we hope will continue into a more normal future.
As 2020 concludes, we look forward to the known challenges of 2021. I want to thank my colleagues for an “extra-ordinary” year. Words cannot accurately express the pride and respect I have for the Fiduciary professionals who have navigated this most unique period and demonstrated one of Fiduciary’s greatest strengths: stability.
1 We believe Fiduciary has been consecutively profitable since 1928—92 years—but do not have the records on profitability prior to WWII.