2023 President’s Letter

Austin Shapard Portrait

Dear Friends and Clients,

Measurement is an important component of Fiduciary’s business. It is how we ensure we are on the right path, gauge progress and hold ourselves accountable. Over the course of years and decades we work with families, non-profits and other professionals to track achievement of long-term client goals. As a result, it is fundamental that each year we reflect on the Company’s annual accomplishments.

Fiduciary’s 137th year of operation will be measured by our distinctive client service, navigation of challenging global investment markets, transition to our hybrid operating model, and continued growth as new clients migrate to our differentiated offering.

Proactive, thoughtful, and customized service has always been Fiduciary’s hallmark and this year was no different: we worked diligently during the year to exceed client expectations. While this measure of quality is hard to specifically quantify, we look to telltale signs, including our 98% average annual client-retention rate over the past decade, our next generation clients consolidating their finances with us, and strong referrals from existing clients.

More easily measurable were the challenging global stock and bond markets of 2022. Despite the broad downdraft, a majority of our client accounts had strong relative performance, outperforming benchmark returns over multiple time periods. As long-term investors, we view periods like this as opportunities to preserve capital and to prudently take advantage of market dislocations.

After two years of navigating the pandemic, 2022 was also the year that we launched ourselves into our new hybrid operating model. Leveraging the silver linings learned during the pandemic, we crafted a flexible working model that provides an attractive work/life balance for our team, includes the active mentorship of early-career professionals, and fosters collaboration across the organization.

The Company continued its string of annual growth with its second best new business year ever. The continued expansion of our New Hampshire subsidiary, along with the additions of new custody clients and comprehensive wealth management relationships, demonstrate the strength of the Company’s value proposition relative to alternatives.

Most importantly, we continue to believe this is a “people business” dependent upon the identification, recruitment, and retention of great professionals. To that end, several experienced and exceptional players joined our team and we have plans to add more.

Not surprisingly, we concluded 2022 healthily exhausted, but equally energized about the future. Like the annual rings of a tree, this past year will be measured against those that came before it and those that follow it, and will add to the cumulative strength of the institution.

I and my colleagues are proud of the work we have done on behalf of clients during this pivotal period and we look forward to continue tracking Fiduciary’s evolution and growth in the years to come.



Austin V. Shapard
President & CEO


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