The Connemara Difference
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ABOUT CONNEMARA
Connemara was founded in May, 2009 by Thomas B. Conway, a practicing attorney licensed to practice law in Maryland and the District of Columbia. Mr. Conway has been a member in good standing of the Maryland bar since 1985 and of the District of Columbia bar since 1987. For more than a decade, he was a senior private banker with several global financial institutions. Mr. Conway practices law with Altman & Associates (www.altmanassociates.net), an estate, legacy, and business planning firm in Rockville, Maryland.
Mr. Conway is married to D. Elizabeth Walker, a founding partner of Walker & Murphy, LLP (www.walkermurphy.com), a law firm concentrating in medical, dental, and healthcare defense litigation as well as legal representation in claims of death and serious bodily injury.
Connemara is a registered investment advisory firm. It is a true, conflict-free fiduciary. Mr. Conway is a licensed, fee-only Certified Financial Planner (CFP®).
Form ADV Part II
Privacy Statement
Mr. Conway is an active member of the following:
- American Bar Association
- International Bar Association
- Maryland State Bar Association
- District of Columbia Bar Association
- Bar Association of Montgomery County, Maryland
- District of Columbia Estate Planning Council
- Northern Virginia Estate Planning Council
- National Academy of Elder Law Attorneys
- Financial Planning Association
- Garrett Planning Network
- National Association of Personal Financial Advisors
Traditional Family Wealth Management
Operating a free-standing “bricks-and-mortar” family office can be extremely expensive and time-consuming. Such offices typically manage and oversee various investments and trusts for a single wealthy family. The family’s wealth may be relatively new, resulting from the sale of all or part of a family business or other liquidity events. In other cases, the wealth may have been accumulated over generations. Property management, day-to-day accounting and payroll activities, management of household staff, and supervision of legal affairs are just some of the many other services commonly provided by an independent family office.
Such offices generally operate as separate corporate entities with executives and support staff. The offices invest and manage the family assets while making disbursements to family members as necessary. Staff members also assist with tax and legal coordination as well as philanthropic giving. Personal services, including travel and concierge services, are provided by a number of the more well-capitalized family offices.
Operating such single family offices can cost over $1 million annually, depending upon the services offered. As a result, most families with less than $500 million consider other options, including multi-family offices formed by two or more families, and commercial family offices operated either independently or as subsidiaries of large financial institutions. While both multi-family offices and commercial family offices offer advantages of scale, they may present issues of control, privacy, and conflict-of-interest.
More recently, virtual family offices have been created, allowing families to call an 800 number and obtain a variety of professional and other services. Experience with such an operating model has been uneven, however, with many families indicating a preference for local service and delivery.
Family Office Exchange (www.foxexchange.com) and other leading associations serving the family office market actively monitor important trends as well as industry best practices in this highly specialized segment of wealth management.
A New Model
For some families, the traditional single family office model, or the more recent multi-family office or commercial family office models, will continue to serve their interests.
On the other hand, many families, including families of exceptional wealth, are re-evaluating how their assets are currently being managed. In many multi-family offices and commercial family offices, ongoing costs are substantial and rising. Meanwhile, many families are finding the benefits of these operations to be marginal and not justifiable either in terms of cost or service levels.
Connemara recognizes a need on the part of some families for a different, more efficient family office operating model. A number of families with existing family offices, as well as other families contemplating establishing new family offices, have been looking for a more flexible and cost-effective model. Many families for varying reasons do not wish to relinquish control of investment decisions. Others do not see sufficient value in paying significant and ongoing asset management fees. Still others have existing relationships with seasoned top professionals and are looking primarily for someone to "pull it all together".
Families are looking for exceptional service as well as value. They are less inclined to pay for things they do not need. Existing relationships as well as convenience are strong considerations.