Dear Friends and Clients,
The beginning of every year is a period of reflection of past achievements and anticipation of future challenges. This year is no different. First among our accomplishments was our continued commitment to our clients, who demonstrated their satisfaction with one of our highest annual retention rates ever. Over the past decade, our average annual client retention rate has been 98%, which we view as a strong endorsement of our customized service. Additionally, we generated our most new revenue ever. This represents our 8th year-over-year increase out of the last 10 years and translates to a fourfold increase in annual new revenue since 2014. Investment performance for the year was strong and fulfilled most clients’ long-term expectations. A significant number of clients also worked with our wealth planning experts to develop a better understanding of their savings, their investments and the goals which they wish to fund.
Beyond our comprehensive wealth management services, we experienced material growth in our white-glove custody business, and our New Hampshire directed and delegated trust work continued to expand nationally. Financially, a number of mile markers were attained during the year: most total revenue, most new business and highest level of client assets at $31 billion. The year also represented our 81st consecutive year of profitability—something we believe few other financial institutions have attained.1
On the talent front, we were delighted to welcome to the firm Puneet Nevatia as our new Chief Operating Officer and Eric Cunnane, David Krall, and Kevin McAuliffe as vice presidents on our client team. We were also proud to promote five professionals to vice presidents: Brian Gautreau, Erin Goldstein, Ashley Kersey, Ben Mekal, and Nick Ordway. We remain committed to fostering a dynamic and diverse workforce; now, 52% of our employees are women and 23% are non-white professionals.
In addition to the calendar year accomplishments, 2024 also represented my tenth year leading Fiduciary. We have evolved a great deal since I joined. We are larger, more digital, and more externally focused. We have retooled departments, navigated a global pandemic and continued to field a great team. With all this modernization, Fiduciary’s long-standing values have intentionally remained the same. We continue to view this as a “people business” based on high-quality professionals who come together to collaboratively serve others on their most important financial and life needs.
Looking ahead to 2025, we will continue to prioritize client service while navigating uncertain global investment markets. We will continue to focus on attracting and developing exceptional professionals while embracing new technologies to improve processes. And we will remain future-focused as we aim to fulfill our commitments to all our stakeholders for generations to come.
Best,
Austin V. Shapard
President & CEO
1We believe Fiduciary has been consecutively profitable since 1928—96 years—but do not have the records on profitability prior to WWII.