A single family office began its relationship with TriState Capital in 2008 as an investor in the bank. At the time, the family office used a large money center bank for its investments and some of its cash management needs. However, the family was seeking another option for some of its substantial cash holdings: a low-risk solution with great returns that would allow funds to be freed up quickly and effortlessly when necessary. The Catalyst: TriState Capital’s entrepreneurial business model and focus on serving family offices appealed to this client. They believed in the bank’s growth potential and wanted to invest in it.
Assessing the Fit
We initially offered the family offi ce a fully FDIC-insured product while the bank was in its buildout phase. As TriState Capital grew, the family became optimistic and was receptive to additional product offerings.
Plan Development and Implementation
The family opened several accounts, some with very large balances. Over time, their confidence grew and they became interested in our broader product capabilities. When the family decided to transition from the FDIC-insured product to our money market, we provided detailed information demonstrating that our bank had the strength to negate the risk of not having full FDIC insurance. Thanks to a relationship built on transparency and trust, the family office was comfortable utilizing our money market offering instead.
The TriState Capital Advantage
This family office’s accounts are funded in part by redemptions from private equity investments. When a decision is made about the best way to deploy funds, it requires a quick, consistent and accurate response—something a money center bank doesn’t always deliver. Wire transfers and transfers between accounts need to be expedient. TriState Capital provides a consistent point of contact, so the family knows every request will receive personalized, same-day attention.
Solutions and Results
The members of this family office are savvy and sophisticated, with accordingly lofty expectations. Our attentiveness and consistency have helped the relationship evolve successfully over time, as has our willingness to promptly and fully correct any oversights. The family office currently entrusts us with more than 20 accounts.