The business model speaks to a debate about what counts as true independence in wealth management, and what are the markers of this quality.
A multi-family office and business advisory organization, The Coury Firm, says it stands out from the pack because its history and structure put it in the same corner as its clients. And it plans to expand nationally and accelerate growth.
The Coury Firm, based in Pittsburgh and with an office in Los Angeles, was founded in 1984 by Robert J Coury and his large family of descendants; they run a group that, in the words of this sector, “eats its own cooking.” Just over a week ago it added to its leadership team with Sam Delestienne and Thomas Deutsch.
As well as solving complex problems for clients, navigating multi-generational family dynamics, and developing customized planning and investment strategies, the Coury Firm also serves as a private investment office and a dedicated CIO for family offices and institutions. Its MFO business has more than $1.0 billion in assets under management.
“The Coury Firm’s expansion and scaling efforts will be channeled toward its multi-family office business and increasing its reach in the ultra-affluent market across the country. Coury will selectively seek advisory teams and wealth management firms that have sophisticated planning capabilities and understand the servicing needs of large families and business owners,” Gregg Coury, chief executive and chief compliance officer, and Robertino Coury, chief investment officer, said in response to questions from Family Wealth Report.
“The Coury Firm’s integrated service delivery platform will enhance the wealth advisory firm and advisory team relationship with their current clients and open more opportunities to expand their client base. The current locations that will be of focus for expansion are the Northeastern US, Southern California, and South Florida,” they continued.
The business model speaks to a debate about what counts as true independence in wealth management, and what are the markers of this quality (this is an issue this publication has written about before and continues to track).
Expansion is the name of the game. Robertino Coury and Gregg Coury said: “Coury is strongly positioned to accelerate its growth rate trajectory through strategic acquisitions and advisory partnerships that align with its mission of delivering on the critical unmet needs where matters of wealth, family and business intersect.”
The business was first set up to provide financial advice, covering areas such as estate, trust, and succession planning for families, founders, and entrepreneurs. Because most of its clients owned and operated businesses, in 1989 the firm opened a business advisory division. In 1997, it launched a Registered Investment Advisor, tapping the need for fiduciary advice. As part of this, the MFO group took shape.
“Coury has a significant alignment of interest with its clientele and family office clients. The Coury Family formed their own single family office (E’O Management, LLC) in late 2016 to manage the assets and affairs of the Coury Family and its family foundation (which is an MFO client of the firm),” Gregg Coury, chief executive and chief compliance officer, and Robertino Coury, chief investment officer, said.
“Having both a multi-family office and single family office creates a hybrid structure that provides MFO clients unique access to opportunities, networks, and economies of scale. The Coury Family invests alongside MFO clients and has substantial skin in the game when providing advice and making investments,” they said.
The Coury family has its own family office, which means that the mindset of the business is closely aligned with how such a family wants to protect and advance its own interests, Gregg Coury said. “We are very much invested in our own ideas,” he said.
The founders and principles of The Coury Firm are business operators and entrepreneurs themselves. Their “hands-on” operating experience counts for a lot when talking to clients from the same background, the firm said.