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UHNW Atlanta family office takes on ex-GenSpring relationship manager in advance of Florida push

UHNW Atlanta family office takes on ex-GenSpring relationship manager in advance of Florida push

Monday, May 21, 2018 – 9:56 PM by Dina Hampton
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Michael Mongin

A young Atlanta firm catering to the highest of high-net-worth clients has engaged Michael Mongin as director of family office services. 

In 2017, Crescent Wealth Advisory LLC was spun off from Crescent Wealth Management, a "high-touch, specialty insurance advisory firm," by its co-founders, Tim Wyrobek and Jeff Taylor, who are now co-principals of the RIA.

Crescent uses Dynasty Financial Partners LLC as its advisor platform and had $13 million of AUM as of May, according to its ADV. See: Hitting $20 billion of RIA assets in six years, Dynasty Financial hires its first chief AUM-booster, the better to get to $40 billion faster.

Though he'll be working out of the firm's Atlanta office, Mongin has deep professional roots in the Sunshine State. 

Before joining Crescent in May, he was senior family wealth advisor in the Orlando, Fla. office of GenSpring Family Offices. See: How Jeff Maurer is now ploughing into Florida using his old Evercore tricks but with new GenSpring wrinkles. Before that, he performed similar services at SunTrust Private Wealth Management and, before that, for Wells Fargo's private bank, also in Orlando.

Additionally, for the last three years, Mongin has served on the board of directors the American Red Cross, Central Florida Region. See: How being a $19-billion family office roll-up owned by a bank finally caught up with GenSpring

Those Florida bona fides will come in handy as Crescent attempts to expand its geographical reach. "With the addition of Michael, we are increasing our bench strength as we expand our business in the Southeast," says Taylor, in a statement.

Mongin's new duties will consist of "assisting the most challenging and demanding clients, [and] delivering the highest attention to detail, laser-focused personalization, motivational assertiveness and creative thinking resulting in significantly tangible added value to client families' relationships," according to Crescent's website.  See: Are ultrahigh-net-worth clients really worth it?

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Stephen Winkjs

Stephen Winkjs

October 15, 2009 — 8:40 PM

Richard Ketchem of FINRA has established support for the fiduciary standard, not a lesser standard and David Carroll of the SIFMA has established support fot the fiduciary standard to the extent it is consistent with the brokerage business model. Thus, the big issues are (1) how the RIA and the broker define individualized investment advice; is it a product brokers sell or a process advisors manage (2) how the RIA and broker deal with conflicts of interest (a) trade execution as a profit center or cost center, (b) whether principle trades are allowed in fiduciary accounts, (c) etc.

Both brokers and RIAs must compete on the basis of the depth and breadth of the advisory services support available. By extention, this is the beginning of an advisory services arms race to develop the necessary processes, technology, functional division of labor, statutory documentation, conflict of interest management and advisory services support to make advice both manageable and scalable and to safely bring easily executed fiduciary counsel within the reach of every client.

Since everyone will ultimately claim to be an advisor, it is a question of which firms and advisors are best supported for fiduciary standing. Using SIFMA criteria, the RIA will prevail because there are fiduciary duties inconsistent with the brokerage business model. Thus the industry refining question becomes who will win market share by providing the most robust RIA support. As Don Trone suggests, this battle will be won in the marketplace not by legislative or regulatory fiat.

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