The Legacy team joined Pathstone on January 1, 2013, and Tamara Surratt, who founded Legacy in 2006, is now managing director of the Pathstone office in Bonita Springs.

Pathstone now has a presence in: Fort Lee, NJ, Atlanta and Naples. It was founded in 2010 by Steve Braverman and Allan Zachariah, former high-profile managing directors at Harris myCFO in New Jersey and Atlanta, respectively, who left the firm in 2010 to form Pathstone.

On the tie-up with Legacy, Braverman cited the firm’s “clientele and culture”, along with the attractive market, as reasons behind the move.

“Naples is home to ultra high net worth families and retired Fortune 500 CEOs who require specialized services in managing the complexities of their family’s wealth, investments and legacies,” said Braverman, Pathstone co-founder and managing director. “This union presented a perfect opportunity to expand our Florida presence.”

Part of a trend

The move also demonstrates how RIAs that offer holistic multi-generational wealth planning are gaining confidence and creating a multi-family office sector that is clearly defined within the broader wealth management industry, and boasts recognizable brands.

This is occurring at a time that wealth managers are capturing a larger share of wealth management industry revenues at the expense of asset managers, according to a Boston Consulting Group report released in September 2012. This is being driven by growing awareness in the US and Europe about commission payments and efforts to move financial advice towards a fee-based model.