This year Silvercrest began its 20th year in business, to culminate in our 20th Anniversary celebration in May 2022. Founded on bedrock principles and a strong, proud culture, Silvercrest was at the forefront of the burgeoning independent Registered Investment Advisor business to serve clients as fiduciaries. It seems like an obvious choice in hindsight, but at the time it was largely an unproven model. Silvercrest’s launch came against the backdrop of storied private banking and investment counseling firms shuttering or sacrificing their independence to achieve scale, often at the expense of their clients’ interests. As with industry consolidation 20 years ago, unprecedented changes and waves of consolidation once again threaten business models dedicated to putting client interests first.
We have remained true to our founding principles. We never lost sight of our purpose: to provide excellent institutional-quality asset management and associated family office capabilities, delivered with superior client service and the highest ethical principles of a trusted fiduciary. Our partners remain dedicated to building an enduring franchise that will successfully serve clients for generations. Thanks to the loyal support of our clients, Silvercrest is stronger than ever with $31 billion in assets under management, an extraordinarily talented team of dedicated professionals, and a 98% client retention rate.
Founded in the wake of the Tech Bubble Crash and 9/11, and having successfully navigated the Global Financial Crisis shortly thereafter, Silvercrest is no stranger to adversity. And now that we have weathered a global pandemic, I have never been prouder of my Silvercrest partners and colleagues. We are grateful that our clients came to trust and rely on us more than ever, and thankful that we were well prepared to meet the unexpected challenge.
All of us at Silvercrest are focused on building upon the great legacy of our firm, true to the vision of our founding partners. We remain a proven and tested team with a long-term vision, intent on building a sustainable, innovative, forward-thinking, and enduring business for our clients’ benefit. By pursuing growth initiatives which are fundamentally compatible with our principles and our core wealth management business, we hope to continue to serve our clients with greater intellectual capital and resources.
We look forward to celebrating our milestone anniversary with you in 2022 and to working hard on your behalf for the next twenty years and beyond.