Growth plans…and challenges
Maurer said the firm is targeting clients who have $5 million and above in investable assets, and the average client size is $10 million. Future expansion will be “opportunistic,” he said, and most likely center on Los Angeles, Boston, Washington DC and Florida.
After absorbing the Minneapolis lift-out last year, the firm finally turned a profit in the first quarter of 2012, Maurer said. Asked how he would grade the firm after three-years, Maurer gave high marks to asset allocation, proprietary products and client service, noting that the firm expects to keep the number of client relationships per relationship manager to under 40.
Maurer said the firm could “always do better on new business,” and expressed “a little disappointment in tech,” adding that the firm was looking for more cutting edge technology. “One reason growth is so important is that you can spend more on tech and in-house infrastructure and new innovations,” he said.