In 1946 Bill, a young Doctor just out of the army, began to build his private practice in San Francisco with a passion to serve his community. Bill gradually built a reputation for outstanding care and compassion. With his earnings, he invested in securities and real estate. By the mid-1950s he had built a substantial net worth and was living in Hillsborough, a small town, 25 miles south of San Francisco.
While Bill was caring for his patients, his wife Ann contributed to the community. She became a PTA President and participated in several charities for disabled children and veterans.
Just before his 60th birthday, Bill decided to prepare for his retirement at 62. After managing his own investments for over 30 years, he chose to trust his and Ann’s retirement savings to four institutions -California's two largest banks and the nation's two largest securities brokers. Unfortunately, in only 18 months, these four institutions lost nearly 80% of Bill and Ann's total liquid savings! Bill and Ann were told by their investment advisors “just be patient, it will all come back”. As they walked out of the meetings with their "advisors" they were emotionally and financially devastated, how long would they have to wait for "it all to come back"?. How could people they trusted act so irresponsibly? After years of hard work and planning, none of their choices were pleasant to contemplate, Bill had no choice, but to keep working.
Faced with the possibility that these terrible losses could happen again, but without Bill's ability to replace their losses, Bill and Ann decided to start their own Family Office in the late 1970s. Their Family Office focused on caring for them as they grew older, investing prudently with a goal not to lose the remaining money they had, and to manage their assets so that they could live comfortably and enjoy whatever number of years they had left. Then if there was anything leftover, they wanted it to go to their children with minimum or no taxes. Bill worked until he was nearly 67 years old just to recover a portion of what he and Ann lost.
From those modest origins as a single Family Office dedicated to Integrity, Transparency and Care, California Trust Co., a private trust company, was born. We retain those same values over 30 years later and now serve the needs of other families who have the same values and goals. By the way, Bill lived to be 97 and Ann 87; they lived comfortably off their investments for over 30 years after Bill retired.
Please note: The names of persons mentioned on this site have been changed to protect their confidentiality and privacy.