Today we’d like to introduce you to Lucas and Max Winthrop.
Lucas and Max, can you briefly walk us through your story – how you started and how you got to where you are today.
Winthrop Wealth Management was founded in 1985 by Earl and Mark Winthrop. Both with CPA backgrounds, they entered the Wealth Management Industry because through their careers as CPA’s they witnessed firsthand an ugly industry full of advisors not acting in the best interest of their clients. Earl and Mark set out as pioneers in the “fee only” wealth management space with one mission in mind, put the client’s interest ahead of their own. “Do what is best for the client and the rest will follow” was what Earl and Mark lived by as they both took big career risks leaving their secure jobs to start Winthrop Wealth Management. 30 years later with over $1Billion in assets under management, I can confidently say they were right! Acting in the best interests of their clients grew this firm 100% organically by client referrals and has brought to this very exciting point in time.
Since making the decision to join the family business full time 4 years ago, I could not be more excited to be a part of something special. I confidently believe that the work we are doing here is unlike any other firm in our industry. We live life in the most regulated industry in the world. An industry that has yet to be truly “disrupted”. An industry that is having trouble attracting young talent for many different reasons. This is a gray industry with extremely high barriers to entry, an unattractive regulatory environment, ancient technology and overall broken company culture. It took me a couple of years before I fully understood where I would fit-in in this industry. The deeper I dug, the more opportunity I began to see. It was then I knew exactly what I was here to do. I am an entrepreneur here to disrupt this industry. For the better course of the last 3 years, teamed up with my Brother Max, we have been building a platform for this industry that WILL be an absolute game changer. My position in this firm is COO and my brother is our acting CEO. We collectively run this firm together. In the last year, we’ve hired 4 new employees, implemented new operating standards, eliminated 98% paper and fully digitized all offices, and made a full transfer the cloud. These are just a few brief examples without getting too far into detail. I have never been and will never be a follower. All my life I have always set out to be a leader in any situation I put myself in. Of all the Millennial’s in the industry (of which there are too few), I am confident that we can show them and guide them to a new landscape for Wealth Management 2.0.
We are so passionate about what we are doing and excited about the results we are starting to see. I can’t wait to start sharing our work with the rest of this industry. 2018 will be our unveiling and our biggest year yet in many different perspectives.
Overall, has it been relatively smooth? If not, what were some of the struggles along the way?
Change is hard. Implementing change in a company that has been highly successful for many years is one of the hardest tasks we’ve ever undertaken. Why change something that works? The answer to that question is simple, we can always be better. As leaders, we need to take risk to pursue change. Temporarily compressing margins to create something great that we hope to pay off in the near-term and even more so in the long term. Working in a family business is NOT easy. The dynamic is everything. You have to be able to separate our emotion and that can be extremely difficult and challenging, especially if there is a debate and push back. We have an amazing family dynamic. It is crucial for us to maintain this dynamic in order to reap future success.
Alright – so let’s talk business. Tell us about Winthrop Wealth Management – what should we know?
Our Purpose and Value is as follows:
“Our purpose is to help clients pursue a high level of personal fulfillment and happiness. We support that pursuit by empowering them to become knowledgeable and active stewards of their financial resources.
The wealth management strategies we create bring simplicity and confidence to clients’ complex financial lives. They are independent of conflicts, comprehensive, and customized to meet clients’ unique needs.
As a multi-generational wealth management firm with over thirty years of experience, we bring an award-winning, credentialed team that is second to none. Our client-first approach to service delivers the personalized service our clients expect and deserve.”
We are more than your standard Wealth Management firm, we are life coaches. When you decide to work with our firm, you become family. Many of our clients become our best friends! We focus on the big picture and help out with every aspect of your life.
Our core clientele consists of: entrepreneurs, business owners, athletes, small institutions, family foundations, Medical professionals, women, entertainers, LGBT, technology professionals, divorce, and retirees
We can best be described as a holistic Wealth Management Firm – your personal CFO. We specialize in Financial Planning, Investment Management, Charitable gifting, Tax and Estate planning, Business succession planning, retirement plans and working with Institutions and Endowments
As a company, we are most proud of the relationships we have with our clients. Our culture speaks for itself.
Two things set us apart from our competition:
1) Service. We make ourselves available 24/7 for our clients. The service we provide our clients at scale is unparalleled. Just ask them.
2) We are not going to sell out. We are here for the long-term. Most RIA and Wealth Management shops do not have a succession plan and will most likely sell to the highest bidder. We are building a platform that will make us a premier home for these advisors. Our platform will allow us to integrate new clients and firms more successfully than anyone else.
Any shoutouts? Who else deserves credit in this story – who has played a meaningful role?
Everyone on our team plays a critical role in the development of our firm! Our team comes to work every day excited because they are so passionate about what they do and the direction of our firm. We are extremely transparent with our employees and they know how important their roles are in reaching our common goal. In particular, without my brother Max we would not have been able to get to where we are today. And of course, my father Earl and my uncle Mark, they built something amazing and set the precedence of hard work and passion for us to continue our mission.
Pricing:
- Our Account Minimum start at $1.5 Million of Investable assets where the fee is 1% This includes all of our services
- Fee: $1.5 -$3.0 Million @ 1%
- Fee: Over $3.0 Million breakpoints kick in and fee is tiered
- We work with a number of younger people under the age of 35 who have less than $1.5 Million in investable assets but are high earners. We LOVE working with them and we make an exception for these people!
Contact Info:
- Address: 321 Columbus Ave
4th Floor
Boston, MA 02116 - Website: www.winthropwealth.com
- Phone: 617-530-1010
- Email: info@winthropwealth.com
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