Andrew Crofton, formerly a managing director at Klingenstein Fields Advisors, has launched Five Eleven Partners, a new multi-family office aimed at ultra-high-net-worth families. Crofton spent about a year assembling a team of experienced professionals. He is confident in the strong demand for the boutique wealth management services his firm offers.
Crofton emphasized that while there are other firms trying to meet the same demand, he believes there is currently an excess of need for comprehensive, high-touch advisory services. Over the past year, he has observed substantial demand from wealthy families who often find it challenging to coordinate between multiple firms for financial advice, estate planning, accounting, and tax services. “In the upper end of the market, when you look at these families’ balance sheets and how complex they are, they rarely have five people in one room to understand and know all of the nuances,” Crofton explained.
For families of significant wealth where it doesn’t make sense to build a family office, it can be incredibly challenging to source the type of talent required to deliver continuity in services. To address these needs, Crofton brought together a team with substantial industry experience.
Boutique wealth management firm launches
Scott Essex, formerly a specialist in private markets and alternatives, joined as co-founder and managing partner. Gil Calderon, previously Chief Investment Officer for M4 Capital Management, was appointed CIO. Shawn Young, a CPA and former CFO of a single-family office in San Francisco, joined as a client advisor and tax planning specialist.
Keith Feinberg, ex-COO and chief wealth strategist at Seven Mile Advisory, became Chief Wealth Strategist. Matthew Machucki, who ran his own strategic consulting firm, was named Director of Investments. Five Eleven Partners is headquartered in New York but has staff positioned in Chicago, West Palm Beach, and San Francisco.
Crofton, who has also worked at BNY Mellon and U.S. Trust, highlighted the firm’s commitment to growing organically without outside investments or acquisitions. “We don’t view our success as how large we get,” he said. “We view our success as taking care of these families, aligning our interests with these families, and growing thoughtfully.”
Five Eleven Partners launches with a discerning approach to adding clients and aims to build a culture that is highly responsive and dedicated to meeting client needs.
Photo by; Israel Andrade on Unsplash