$5B family office beefs up ultra-high-net-worth support service

In a move to cater to the intricate financial needs of ultra-high-net-worth families and single-family offices, Callan Family Office has announced the expansion of its financial administration division.

With nearly $5 billion in assets under management, the Philadelphia-based RIA said it’s making its family administration services – which include bill payment, cash management, and customized reporting, along with other services – available to both its own UHNW clientele and to other single-family offices.

“Ultra-high-net-worth clients have complex finances that can make it difficult for them to get a clear picture of what they have, how their assets have performed, and how money was spent,” Jack Ginter, CEO of Callan Family Office, said in a statement.

Ginter founded the practice in 2022 after he left Wells Fargo, where he had served as the president of its elite private-client business Abbot Downing. Wells Fargo later dropped the Abbot Downing name following an overhaul of its wealth management business that was led by Barry Sommers, its CEO of wealth and investment management.

Callan Family Office's financial administration division was set up to address the unique challenges faced by affluent clients.

“We created the financial administration division to bring all the puzzle pieces together, so clients can understand inflows and outflows and how best to manage all the moving parts to allow them to reach both their immediate and long-term goals,” Ginter said.

Unlike the typical approach to day-to-day administrative finances like bill payment, which is commonly manual and takes information from across different systems and providers, the firm says it reduces the risk of errors by handling those directly with its own custom technology and processes.

The firm’s expanded family administration division also supports clients in achieving specific financial goals with large associated expenses – purchasing and maintaining private aircraft or making charitable donations, for example – which may require sizable adjustments to the asset allocations in their portfolios.

“Many of our clients run multiple real estate projects, for example, using different LLC business structures to manage each property,” said Amy Jucoski, the firm’s head of family office services. “Imagine the work that goes into paying bills, categorizing expenses, reconciling bank accounts, as well as recording assets and liabilities for each LLC business.”

To support its beefed-up family administration division, Callan Family Office has also welcomed Cindy Chase, a seasoned professional with 13 years of experience at Abbot Downing, as the director of financial administration. Since launching two years, Callan Family Office reports that it has grown rapidly, with 23 partner-owners now working together at the independent ultra-high-net-worth practice.