The City Beautiful Annual Guide
The City Beautiful - Financial Management Profile
Founded: 2004
Assets: More than $1.5 billions under management
Location: 255 Alhambra Circle
Key Personnel: James "Jim" Davidson, Chairman & CEO (above)
John Harris, Managing Director & Chief Wealth Officer.
Coral Gables Trust Company offers something extra that distinguished it from many wealth management companies trust and estate services. The firm advises clients on setting up Trusts-separate entities that hold client assets to minimize taxes and ease transfer of wealth to heirs when the client dies. The firm typically administers and handles most trust activities for the client and later for the beneficiaries. "We're the largest independent, privately-held trust company headquartered in South Florida," says Jim Davidson, CEO and founding chairman.
Coral Gables Trust generally serves clients with assets from $500,000 to $50 million - smaller amounts that many national firms with trust services will accept, says Davidson. Most of the firm's accounts top $1 million. Clients include high net worth individuals, owners of small and mid-size businesses, executives at large companies, retirees, foundations, nonprofits, pension funds, and endowment funds. The firm operates from four offices: Coral Gables, Fort Lauderdale, West Palm Beach and Boca Raton.
Like many wealth management firms, Coral Gables Trust also offers financial planning and investment management services. It provides fee-based advice, sells no proprietary products and works outside investment managers, choosing ones who perform better than most during a downturn. "We focus on capital preservation," says Davidson, "by limiting risks rather than attempting to achieve the highest return."
The firm takes pride in personalized service - we're on call 24/7" - and in community involvement. Executives are active with nonprofit groups including Big Brothers Big Sisters of Greater Miami, Chapman Partnership and the Coral Gables Community Foundation.
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