Our Perspectives
Mar 1, 2023
Kara Pass

What’s a Shared Family Office?

I’m often asked why we refer to Market Street as a shared family office as opposed to the more commonly heard, multi-family office. I love this question because the answer gets right to the very heart of who we are.  

Market Street began as a single-family office to provide trust and other support services to the Houghton Family, founders of what is now Corning Incorporated. As the wealth and size of the family continued to grow, they recognized an opportunity to reimagine their office model to better ensure its longevity and its ability to grow and evolve with the changing needs of each generation. In the early 1990’s, the family office opened its doors to families outside the Houghton lineage, offering something unique- families who joined the office would share ownership. Each client family of Market Street Trust has an ownership stake in proportion to their assets under management, creating a true shared family office.

This model gives our families the personal experience you would expect from a single-family office with the additional resources, services, and investment opportunities you would find with a multi-family office. As owners, however, our client families also have a voice in the strategic direction of the firm, the election of our Board of Directors, and the ability to learn from and connect to the collective knowledge of the ownership community.

Market Street’s shared ownership model uniquely places one question at the center of everything we do: “Does this add value to the client experience?” That’s it. Families have a lead advisor and access to the full bench strength of the Market Street team, including my direct number. We solicit their feedback, understand where they are in their journey and where they want to go, and what pain points are standing in the way. This understanding, and these data points, drive our decision making when investing in new tools, technology, and team members—without competing priorities, we’re able to stay flexible and nimble, evolving alongside our client families for graceful transitions for generations to come.

This presentation has been prepared by Market Street Trust Company. The views expressed herein represent opinions of Market Street and are presented for informational purposes only. They are not intended to be recommendations or investment advice and do not take into account the individual financial circumstances or objectives of the investor who receives them.

Certain statements included in this presentation constitute forward looking statements. Forward looking statements are not facts but reflect current thinking regarding future events or results. These forward looking statements are subject to risks that may result in actual results being materially different from current expectations.

Past performance (before and after taxes) does not guarantee future performance. There is no assurance that Market Street Trust Company investments will achieve their objectives, or that they will or are likely to achieve results comparable to results shown herein, or will make any profit, or will be able to avoid incurring losses. Exposure to foreign currencies may cause additional fluctuation in the value of any investment. Each investor must assess the suitability of an investment, the investor’s tolerance for risk and the impact on the investor’s diversification strategy. This presentation does not constitute an invitation to buy or an offer to sell securities, or any other products or services.

This is intended as general information only. Investors maybe required to meet certain criteria under the securities laws in order to qualify for certain investments. Any discussion of U.S. tax matters is not intended and cannot be used or relied upon for the purpose of avoiding U.S. tax-related penalties. Please visit our website for additional information concerning Market Street’s investments and investment updates. As always, please feel free to contact us if you would like to learn more about our investment program.

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