2022 President’s Letter

Austin Shapard Portrait

Dear Friends and Clients,

With the end of 2021, we concluded our second year of navigating the Covid-19 pandemic. While 2020 was a constant sprint, this year was challenging with the ups and downs associated with the promise of vaccinations, the anticipation of re-entry, and the concerns over the recent spikes. Through this journey, Fiduciary has maintained its steadfast focus on our clients and the wellbeing of our team and their families.

Importantly, the company remains guided by its time-tested values—which include a commitment to excellence, placing others before ourselves and a predilection to action. We continue to prioritize the recruitment and retention of great players while devoting significant effort to developing the next generation of professionals. Furthermore, we believe that culture is much more than words and is the result of both big and small decisions every day. Our diversity, equity and inclusion initiatives have made thoughtful progress over the year, and we have adapted our operating paradigm to a “hybrid” working model in order to provide greater flexibility for our professionals. Indeed, one of the silver linings of the pandemic has been re-imagining Fiduciary’s future in order to better ensure the ongoing distinctiveness of our greatest asset—our people.

Our New Hampshire subsidiary continued to grow and is now one of the largest independent trust companies in that state. Our “white glove” custodial services for family offices and other investment managers continues to shine relative to our competitors. And Fiduciary Charitable, our donor-advised fund program sponsor, accomplished a broad spectrum of initiatives and grew noticeably in 2021.

The company’s measurable results for the year were strong. We maintained our 97%+ annual client retention rate, had our best new business year ever—our sixth year-over-year increase during the last seven years—and the performance of our investment beacons (the company’s best thinking) exceeded their associated one-year benchmarks by more than 125 basis points (1.25%). The company surpassed $23 billion in client assets and logged its 93rd year of consecutive profitability1.

As we look to into the New Year, we anticipate the shifting path of Covid-19, volatile investment markets and yet-to-be finalized government policies. Nonetheless, we are optimistic and prepared to tackle all challenges ahead on behalf of our clients.

I want to thank my colleagues for their hard work this year and throughout the entire pandemic. This pandemic has been more prolonged than any would have predicted, but determination, collaboration and trust in each other has fed our spirits and allowed us to positively impact our clients’ lives—not only today, but in ways we hope will be for generations to come.



1 We believe Fiduciary has been consecutively profitable since 1928—93 years—but do not have the records on profitability prior to WWII.

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