Santiago Ulloa works to ensure that younger generations are ready to handle wealth their families will provide them
Things are changing in private banking, according to Santiago Ulloa, president of GenSpring Private Offices' international arm.
Rather than simply focus on asset allocation, the idea of a family office separates the advisors from any potential conflict of interest with the clients' investments and also works to ensure younger generations are prepared to receive the wealth their parents or grandparents will one day provide them.
The firm deploys psychologists to help manage family conflicts and gives children a piggybank with separate slots dedicated to spending, saving, investing and philanthropy.
Mr. Ulloa merged his firm into GenSpring, which manages $18 billion for 700 families worldwide, in 2007 and has since focused on providing the best service. He boasted GenSpring's two-to-one employee-to-client-ratio.
While the firm relies on word of mouth and referrals to grow its business, it's expecting future growth in Latin America and in Europe, where he said the company is looking to set up another office.
Mr. Ulloa was interviewed in GenSpring's Brickell Avenue office by Miami Today staff writer Zachary S. Fagenson.
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