CALGARY, Dec. 13, 2018 /CNW/ - Calgary took the spotlight at a prestigious international wealth-management awards event this past month. GENn Family Office with its unique multi-family office model received the Multi-Family Office Team of the Year award.
This Private Client Award (PCA) was presented in London, England by the Society of Trust and Estate Practitioners (known as STEP), an international organization of 20,000 plus members representing 95 jurisdictions.
"As our city faces economic challenges, our award is a good news story for the province. We're a Calgary business that is bucking trends here in Western Canada and showing the world how the multi-family office concept is done," said firm President Kevin Algar. Algar notes that Alberta's cyclical economy and resulting mentality toward wealth holds important lessons in wealth management for all families regardless of income status.
According to Algar, there are an estimated 400 families in Alberta that would meet the definition of ultra high net worth. However, this niche population is mostly comprised of families with first generation wealth. "While that population had seen a slow shift to include a growing number of families with second and third generation wealth, that trend is at risk with the latest downturn," notes Algar. "Long term wealth sustainability goes beyond the hard, technical side of financial management and incorporates softer aspects of the family dynamic, like coaching and family communication, which is what makes us different."
"I'm thrilled our team got a chance to be recognized on a global stage for the work we do with our families," added Jared Wolk. "The multi-family office concept is relatively new in Alberta but not around the globe, so the international recognition from our peers is a valuable testament to our approach."
The panel of 17 international judges summarized GENn's win as follows: "We were impressed with GENn Family Office's entry, which demonstrated a real breadth of service and expertise, covering both the technical tax and investment aspects, as well as softer aspects such as family governance, which are just as important."
Genn is a Calgary-based family office focused on enhancing the lives of families by guiding and assisting the transfer of intergenerational wealth.
For further information: For media inquiries or to book an interview with GENn President Kevin Algar, please contact: Laurie Griffin, Media relations, GENn Family Office, Laurie@griffincomms.ca, c. 403-619-7686