Looking to fill a niche in the Greater Boston financial market, former Century Bank co-CEO Jonathan Sloane is partnering with wealth management veteran Dennis McCarron to form a new financial planning firm.
The Quincy-based firm, Sloane McCarron Capital Advisors, is now open for business, Sloane told Banker & Tradesman. The group is looking to differentiate itself by offering holistic family planning instead of focusing solely on investments.
"Many firms out there focus on one thing, and that is chasing yields," Sloane said. His firm, however, will look to provide a big-picture strategy for clients, one that includes both strong investment advising and multi-generational family wealth planning. That type of service is available for the ultra-high net worth client of $25 million and up, he added, but his new firm will mostly look to serve clients from $1 million to $25 million in assets.
"We found that there was a real void in the Greater Boston market to provide this package of services," Sloane said.
Sloane McCarron Capital Advisors was the result of brainstorming and multiple conversations between the two men, who Sloan said had known each other for years. McCarron had worked as chief operating officer for Braintree-based U.S. Wealth Management and has worked as a consultant to a number of local investment firms such as Bay Colony Services and Condon Wealth Management.
Sloane, brother to current Century Bank CEO Barry Sloane, left the Medford-based bank last year after seeing the institution grow to $2.6 billion in assets and 23 branches. He served as a fiduciary there, and the bank operates an investment brokerage arm.
That diversity of experience leaves no overlap, McCarron said: Sloane’s experience as a fiduciary means the firm can handle trusts, and his lending experience can help clients who run their own businesses. McCarron himself has asset management experience and describes his "soapbox" as the holistic wealth management model – not merely making investment gains. Other in-house experts, such as a portfolio manager, fill in the gaps.
