Black Point Capital Management, a registered investment advisory firm created to serve the needs of the Sprague family, will be expanding its services among other wealthy families, according to the firm’s website.

BPCM was founded in 2000 as a wholly-owned subsidiary of Black Point Corporation, a privately-held entity belonging to the heirs of Phineas Sprague, a prominent coal and oil businessman in the early twentieth century. Black Point Corporation manages the family’s common interests, including its collection of properties in Cape Elizabeth and Scarborough, ME.

"I've been the point-person for my family, finding ways that I can help all of our extended family members with solutions to [financial] problems, but we decided we wanted to be a little more entrepreneurial about it," Seth Sprague told Mainebiz, on the decision to expand services to other families.  

"It's probably too expensive for most people to have their own independent family office, but they can get the same kinds of services by joining our firm," he is quoted as saying.

According to the report, Black Point Capital currently works with 15 clients with around $25 million in assets but is planning to expand assets to around $75 million by the end of this year. The minimum asset threshold is around $500,000, and most accounts reportedly have a balance of $1 million.

The firm will take a “quarterback” approach – communicating with families’ other advisors – and also provide services such as financial literacy for younger generations.