This week begins March Madness, which for most is the annual NCAA men’s college basketball tournament. The tournament starts with 68 teams playing in the first-round games which are cut in half again in the second round. By the end of the first weekend, the teams are narrowed down to only 16 remaining in the tournament– the “Sweet 16”. Normally there are upsets in the first two rounds which causes madness in the tournament and to many sports fans, several who have completed a bracket to guess the ultimate winner of the basketball championship. Historically for Wellspring, part of this madness is tax season and filing income tax returns and extensions for clients in March and April.
This year we are celebrating our own sweet 16– 16 years in business! It is truly amazing it has been that long since we opened our doors, and looking back to our meager start, we have been blessed in so many ways.
Since its founding in 2007, Wellspring has become a prominent multi-family office with a national presence, serving client families across twenty-five states. Over that time Wellspring has grown from four employees to twenty-two employees, seven of whom are shareholders.
To date, 100% of our new client relationships have been based on a referral from either our clients or centers of influence. We can’t thank you enough for these referrals— they are our highest compliment as it demonstrates we are truly delivering on our commitment to our clients, and that you see it as well. It also supports our goal of maintaining controlled growth and expanding strategically to best serve you.
You have our deepest appreciation for the role you have played in helping make Wellspring’s success a reality!
Core Values
We have previously shared Wellspring’s core values with you— they are paramount to who we are and how we conduct business:
Clients come first
Do what we say we will
Be the trusted advisor
Always look for the best way
A family supporting other families
Heart first, head second
Always look forward
These core values are more than just words– they serve as the guiding principles for our firm. We are committed to incorporating them into everyday practice and hire, review, retain, and replace our employees around this value system.
2022 in Review
New Team Members
In 2022, we added six team members across several departments including wealth management, investments, tax, and marketing. We believe talented individuals continue to join Wellspring because of our dedication to professional development as well as our commitment to cultivating a cohesive and inclusive culture.
Ownership
We are thrilled to share Senior Wealth Advisors, Katie Madzsar, Bill Ambrogio, and Mac McLaughlin are owners of the firm effective December 2022. Over 30% of Wellspring’s staff are now shareholders and Wellspring remains 100% employee owned. We are proud to offer equity ownership to high-performing team members and strive to promote and elevate from within.
Promotions
We have also recently promoted two individuals— Colleen Gregorich to Marketing Manager, Director and James Smerke to Wealth Specialist, Senior Associate. Colleen is responsible for the vision, strategy, and execution of Wellspring’s marketing initiatives, including brand, design, thought leadership, PR & communications, events, and social media. In his new role, James assists in creating comprehensive financial plans, including tax preparation, estate planning, and investment reporting, for high-net-worth individuals and families.
DEI Committee
Last October, Wellspring launched a DEI Committee to build a workforce that encourages flexibility and fairness to enable all employees to reach their full potential. We believe creating a diverse, equal, and inclusive culture is essential for growth and success— different perspectives lead to better ideas, solutions, and opportunities for both our employees and clients. We are also leading a partnership with College Now and several local RIAs to activate a scholarship program that serves underrepresented students pursuing a career in finance in an effort to increase diverse representation within the wealth management industry.
Advisory Board & Investment Committee
As previously communicated, Wellspring announced the formation of both its advisory board and external investment committee in August. These groups were created to provide expert guidance and perspectives that support the firm’s client-centric philosophy and growth. Scott Roulston and Larry Wolf serve on Wellspring’s advisory board and our investment committee members include Larry Babin, Chris Jones, and Jon McCloskey, all of whom have decades of industry experience.
Over the past several years we have made significant investments in our people, technology, and processes. Based on your feedback, it is evident these investments are paying off and you see the value in our proactive planning, ongoing communications, customized deliverables, and the overall level of service you receive from our team. We are committed to continuous improvement and plan to expand and add additional enhancements this year.
2023 Goals
Wellspring’s management team recently met offsite to identify the firm’s 2023 goals, some of which are as follows:
Staff development and engagement – training, education and community involvement
Ongoing build-out of Investment and Tax Departments
Processes and tracking – enhanced use of technology to increase firm efficiency and client relationships
Strategic marketing plan – first time ever for us!
We are also actively recruiting and hiring new team members, looking to add three new employees to our staff this year. We always prepare to hire in advance of need to maintain the high level of service our clients have come to expect from our team.
We have come a long way since our founding, and we owe it all to the families we proudly serve. Thank you for believing in us and for trusting in our one phone call approach. We remain committed to providing objective and personalized solutions to help simplify your life and preserve your legacy— our mission is, and has always been, to ensure you both Live Well and Sleep Well.
Yours in gratitude,
Michael Novak
President & CEO
