A multigenerational financial advisor team has left William Blair to go independent. The team, which manages $2.2 billion in client assets, has launched Performance Wealth, a registered investment advisor with offices in the Chicago suburb of Hinsdale, Ill., Naples, Fla., and San Diego.
The team is led by the Salvino family, which includes Chairman Al Salvino, who started in the business in 1963, and his sons: Tom Salvino, CEO and wealth manager; and John Salvino, president, chief financial officer and wealth manager. Tom’s daughter, Grace Salvino, wealth manager, represents the third generation of the family at the firm. She manages the RIA’s Next Gen Investment Group, which works with the children of current clients, teaching them about investing and how to be good stewards of wealth.
Tom said the firm decided to make the move to independence because clients were asking for additional services.
“Our expertise has always been portfolio management. So our clients were really happy with that, but then they’re saying, ‘We need more services,’” he said. “It just came to the point where we have to offer a full suite of wealth management services that we didn’t offer.”
The firm has partnered with Schwab as its custodian to help them bring a lot of those offerings to clients.
In addition, the firm wanted to be able to say they were fiduciaries, as prospective clients would ask whether they were. “To be at a fiduciary firm, in the role, is a lot cleaner and what clients are asking for,” he said.
The nine-person team provides financial/retirement planning, investment management, and Social Security, estate, tax and insurance planning. The firm takes a performance- and data-driven approach to portfolio management, as well as to client service. John has his MBA from the University of Chicago, and Tom has his from Loyola University. Grace is currently working to get her MBA from the University of Chicago.