by SC Publisher Shannen Hayes
What began as The Sanibel Captiva Trust Company, almost 25 years ago, is now operating under a new banner – Florida Trust Wealth Management. The name unifies its divisions of The Naples Trust Company and the Tampa Bay Trust Company, with seven offices along the coast of Southwest Florida and Tampa Bay.
The momentous name change likewise demonstrates the firm’s strategic preparation for a long future of growth in Florida, especially those communities lacking in quality wealth management services.
“Growth became a challenge with geographic-specific names,” said Chief Executive Officer Terry Igo, who joined the firm 60 days after its founder and chairman, S. Albert D. Hanser, received the state charter.
“The strategy served us very well as we established ourselves in the early years, but as we grew to serve clients beyond the physical corporate footprint, we knew it was time for a change, and we are thrilled,” Igo said.
Initially, they focused on investment management, and soon after added trust administration with an emphasis on service. While that emphasis hasn’t changed, the island boutique firm has evolved into one of Florida’s premier independent wealth management firms with more than $5 billion in assets under management, all through organic growth.
“Achieving this financial milestone in less than 25 years speaks to the talent and hard work of our dedicated team members, and the confidence our clients have in this company,” Al Hanser said.
“Our new name, Florida Trust Wealth Management, unifies our market areas and clarifies our identity among all the Gulf Coast communities as we continue to expand where we are needed most,” said Hanser.
In addition to the flagship Sanibel office, the firm has offices in Naples, Marco Island, Tampa, Belleair Bluffs, Tarpon Springs, and a marketing office in Cashiers, N.C. Over the past two years, offices have expanded, and the firm also secured a 10,000 square-foot location in Fort Myers to meet client demand.
However, Igo and Hanser say the firm’s story is about more than AUM or the number of offices; it’s about the clients who have entrusted them with their financial futures, the dynamic team of professionals, and the guiding culture that was born on Sanibel.
“We are staying true to our culture,” said Igo. “Nothing is changing, just our name.”
Senior leadership is very selective about who they hire, since it is the employees who maintain the culture by treating the clients and each other with the utmost respect, working toward the best possible results for the client.
While it may not be the Sanibel Captiva Trust Company by name anymore, the firm will continue its long history of generously supporting the vital community organizations, including the Charitable Foundation of the Islands (CFI), officially established by Hanser and a group of local leaders in 2011.
“When we opened our doors, we knew the company would become a major part of the community,” said Hanser. “We’re not just here to do business, we’re here to make a difference. In addition to corporate support, many of our employees serve on boards and committees, donate individually, and volunteer. This is our home.”
Florida Trust offers its employees an Employee Stock Ownership Plan, which gives them a level of ownership in the company. The trust company’s ESOP provides employees with company stock which can increase their retirement savings as the share value rises with company performance.
“The employees are the third largest shareholder of the company,” said Igo. “It’s a wonderful benefit that assures employees that we don’t plan to sell. Team members have the confidence that they can build a career here, have a say in the company’s future, and benefit financially.”
The employees have a vested interest in the satisfaction of their clients, which holds steady at a 98% client retention rate.
“We would be remiss if we didn’t share our deep gratitude for The Trust Company’s earliest members of our board of directors,” said Hanser. “We were so very fortunate to have Fortune 500 executives who were eager to become part of something very special.”
“They were instrumental in helping to establish the firm and sharing their wealth of business insights and guidance. We’re honored still to have that level of talent on our board today,” he said.
In addition to Hanser, the early board of directors consisted of John Burden, Phillip Hampton, Mike Vargo, Bob Odegard, Harvey Schein, Steve Brown, Ginny Fleming, John Schubert, Chuck Ketteman, Chip Lesch, Cheryl Giattini, and Frank Morsani.
What began as the Sanibel Captiva Trust Company is now Florida Trust Wealth Management, marking the beginning of its next 25 years with the same values that built its success, and with a clear focus on the future of wealth management in Florida.
Florida Trust Wealth Management provides comprehensive Wealth Management Services, including Family Office Services, investment management, trust administration, and financial counsel to high-net-worth individuals, families, businesses, foundations, and endowments.
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