Great businesses are built around knowing what the customer wants, understanding what your company does best, and delivering exceptional value. This is much easier said than done. Hall of Fame quarterback turned business mogul Roger Staubach once said, “There are no traffic jams along the extra mile.” It takes great intentionality and skilled execution to deliver remarkable service again and again. For companies that do like Four Seasons and The Ritz Carlton, people line up to pay a premium price for premium service.
Drew Adams and his partner, Stephen Miles, are building a fast-growth client service company because they are committed to that level of service excellence. They formed Addicus, a multi-family office in 2011, and have experienced substantial growth by understanding the needs of their high-net worth and high-income earning clients and delivering great value. Adams grew up outside of Birmingham, Alabama, and Atlanta before getting his undergraduate degree and MBA from Ole Miss. Adams spent 11 years in the financial services business working in Memphis and Tupelo before joining up with his business partner Stephen Miles to form Addicus. Adams noted, “Our purpose was to fill what we saw as a void in the marketplace, offering deep advice to families and business owners to optimize their wealth.”
The concept of a family office began in the era of Mellon, Carnegie, Rockefeller, etc. These families realized they couldn’t get conflict free advice and the attention they needed without employing directly most, if not all, of their advisors (wealth managers, accountants, attorneys, human resources, etc.). Adams explained, “Today, a single family office is not efficient for families with assets less than $1 billion. Therefore, there has been a large shift where single family offices are banding together with other wealthy families to spread the resources and costs to gain efficiency.” The financial industry has adopted this model which has led to the rapid growth of multi-family offices. Unlike many multi-family offices, Addicus offers its family office services to clients with a net worth from $25 million and up, and does not manage money, instead they remain focused on unbiased advice, custom designed solutions and complete implementation and management.
In addition to their family office services, Addicus provides holistic planning for high-income earners as well. To serve this type of clientele, Addicus has been committed to continually innovating and looking for ways to deliver exceptional service.
What high achievers understand is that they must always be striving to get better personally and professionally. I noted that Adams participates in the renowned Strategic Coach program personally, and he and Stephen regularly use a business coach for their organization to help it continue to evolve as a team. In addition, they are members of the Family Office Exchange and have industry leading mentors.
Very few people take the time and invest the money to continually make themselves better like that.
Adams shared that he is inspired by the Vince Lombardi quote, “Perfection is unattainable, but if we chase perfection, we can catch excellence.” Adams credits his father with instilling in him a commitment to leadership and service. He shared, “I would go to work with my Dad as a young boy, and I was always in awe of the way his employees looked up to him. He always seemed to have the vision that at first no one could truly understand or see until it was executed.” I am impressed with how Adams and Miles have turned their vision into reality and how they are building a growing and successful organization. They, along with their organization, will be ones to watch in the years to come.
» Martin Willoughby is a business consultant and regular contributing columnist for the Mississippi Business Journal. He serves as Chief Operating Officer of Butler Snow Advisory Services, LLC and can be reached at martin.willoughby@ butlersnow.com.