The new team works with clients with an average of about $150 million in net worth.
Summit Trail Advisors has brought in an 11-person financial planning team to its headquarters in New York City.
The new team consists of four advisors and seven financial planning professionals. The team, which is led by Alex Shapses, joins from Heritage Strategies.
The new team works with clients with an average of about $150 million in net worth, concentrated in the Northeast, Colorado and Florida, Summit Trail Advisors said. Families range from multi-generational real estate families and private equity and hedge fund executives to business owners and single-family offices looking for increased expertise, bandwidth, and support.
Summit Trail Advisors has more than $12 billion of assets under management. It has offices in Boston, Chicago, Harrisburg, Pennsylvania, New York, San Francisco and Seattle. Founded in 2015, the firm serves as the outsourced family office and CIO for ultra-high net worth individuals, family offices, and non- profit entities. It is backed by Dynasty Financial Partners.
At Heritage Strategies, an estate planning multi-family office, Shapses had been a partner since 2014. Prior to that, he worked at Further Lane Asset Management and co-founded Dearborn Capital Partners. He earned a BA in finance and organization management from the Gouizeta Business School at Emory University in Atlanta, Georgia. He has received his CFP designation and maintains life and health insurance, property and casualty insurance, life settlement broker licenses and a Series 7 license.