The City Beautiful Annual Guide 2021
Coral Gables Trust Company
Assets: About $2B under management
Location: 255 Alhambra Circle, Suite 333
Key Personnel: James W. Davidson, Chairman & CEO; John Harris, Managing Director & Chief Wealth Advisor
Coral Gables Trust Company offers something extra that distinguishes it from many other wealth management companies: trust and estate services. The Firm advises clients on setting up trusts-separate accounts that hold client assets to minimize inheritance taxes and ease transfer of wealth to heirs after the client dies. That's on top of its fee-based services in financial planning and investment management.
2020 was the best year yet for the Gables-based firm in new clients added and in revenue, says CEO and Chairman Jim Davidson. In the early months of coronavirus, "a lot of people were locked in and had time to think about estate planning and investing. They wanted to talk." The Firm's monthly call with every client also prompted lots of referrals for new business, says Davidson.
Revenue rose, as its fees for investment management were applied to a larger base. Assets climbed toward $2 billion both from client's portfolio gains and new customers, including some transplants to South Florida from California and New York. "Through personal connections, we've been able to gain a number of new clients moving from high-taxes states," says Davidson.
CGTC serves clients with assets from $1 million to $50 million-plus, smaller amounts than many larger firms allow. It has four offices: Coral Gables, Fort Lauderdale, West Palm Beach and Boca Raton. "We pride ourselves on putting clients' interests first, and we're more accommodating with clients than huge national banks," Davidson says. "And because we're local, we can be more flexible and responsive."
The Firm also takes pride in community involvement. Executives and directors help with nonprofit groups including the Coral Gables Community Foundation, the Chapman Partnership, Informed Families and Vizcaya Museum.