CEO & Managing Director
Greetings, my Oxford Friends,
One of the highlights of my year at Oxford is the day I set aside to share my reflections and insights with all of you. I understand the importance of transparency in our communication, as it allows you to better comprehend our performance over the past year and our aspirations for 2024. Your trust in us is of utmost importance, and we are committed to ensuring that your review of this year’s Annual Report is not only informative but also a source of pride for being an integral part of our Oxford community.
Before I delve into this year’s insights, I must express my gratitude for the over-whelming response to our Annual Report last year. Many of you not only read it but also engaged with its content, often seeking further information about certain aspects. For those curious, the most frequently asked question was about Mr. Lloyd L. Taylor, who played a pivotal role in my life, mentoring me during my formative years. Learning from a World War II Air Force fighter pilot was a priceless experience. The second most discussed topic was my early days of relentless “cold calling” to secure clients —a journey that taught me valuable lessons. I believe many of you in the business world can relate to the steep learning curve and the need to adapt quickly. I want to express my heartfelt gratitude for all your feedback on our 2023 Annual Report and look forward to hearing your thoughts on this year’s report as well.
You might wonder, “Why does Oxford exist?” Oxford’s existence revolves around helping all of you meet and exceed your goals by employing exceptional listening and execution skills on your behalf. Our commitment is unwavering, characterized by sincerity, intentional actions, determination and a relentless pursuit of excellence. This commitment is non-negotiable. To support this mission, we have a dedicated team of over 175* bright, caring, logical, organized and technically-skilled colleagues spread across our seven market offices, serving families and institutions in 36 states.** Currently, our Brand manages over $30 billion in assets under advisement,*** giving us the scale to offer exceptional services and sophisticated investment solutions.
As I travel across the states where we operate meeting prospective clients, potential new colleagues and connecting with current colleagues, the most frequently asked question is about Oxford’s culture. The culture of our firm is one of our highest priorities, as it sets the tone for everything we do and how we serve our clients and important centers of influence. Fortunately, I’m proud to say that our culture is second to none, and we protect it with great care. We challenge ourselves to improve every day, strive to exceed our clients’ goals, respond exceptionally, communicate with grace and rectify mistakes promptly to ensure our clients’ and associates’ satisfaction.
The significance of our culture starts at the top of the organization, beginning with me, our Board of Directors and our Partners. It must permeate every interaction, both internal and external, within our organization.
To reinforce this cultural commitment, Jeff Stroman and I, along with a few other Partners, decided more than 25 years ago to place a minimal economic interest (our voting shares) of our firm’s ownership into a Delaware Dynasty Trust, where the Partners of the firm own the majority of the economic interest. When clients engage with Oxford, they aren’t just working with an employee of a financial institution; they are collaborating with an “owner of the firm.” This ownership structure ensures our independence and the “Owners Working with Owners®” mindset, reinforcing everything we do for our clients and centers of influence.
Now, let’s discuss the economic landscape of this year and the year ahead. As we have shared in previous communications, inflation and interest rates are not “transitory.” We are entering a new normal, and recognizing this shift is crucial. Private equity will require more equity for years to come, mortgage rates may remain at current levels and the bond/fixed income yield curve will produce returns comparable to historical long-term stock returns. Making money at these interest rates may be more challenging than during the extended quantitative easing period by the Fed. However, it’s essential to remember that asset allocation will largely determine your investment returns year-after-year. This time is no different.
Some may argue that current events are unique, demanding a different approach to portfolio enhancement. Interest rate hikes, geopolitical tensions, inflation, income disparity, mortgage rates, stock valuations and other topics regularly discussed in the media may seem unique. However, to quote Yogi Berra, “It’s déjà vu all over again.” Anyone with over two or three decades of experience in the investment business has witnessed similar environments. During these times, our focus should remain on asset allocation and selecting the best managers for each asset class while minimizing fees to benefit our clients.
At Oxford, we take a calculated approach to welcoming new clients to ensure that the Oxford Value Proposition can be fully realized by each family and institutional client. This same approach applies to the recruitment of new colleagues. We seek the best talent in each area of the firm. In the past year, we were fortunate to have attracted four new Managing Directors to add to our team of Partners: Grayson Miller and Parker Mitchell, MBA, CFA, CFP® in our Atlanta office, Bart Francis, MST, CFP, CIMA® in our Southeast Florida/Palm Beach office and Kevin Coquillette in our Minneapolis office. All four of these individuals are exceptional, and we are proud to have them choose Oxford as their permanent professional home.
Furthermore, we’ve welcomed a diverse group of Relationship Managers, Wealth Advisors, Family Office Technical Advisors, Executive Assistants, Meeting Planners and Client Service Associates. Their dedication and excellence support our Managing Directors and ensure our clients receive top-notch service.
Lastly, as announced at the end of 2022, I intend to gradually transfer many of my CEO responsibilities over the next five years to Kristina Baron, MBA and Bo Ramsey, JD, MBA, CFA, CAIA, our Co-Managing Partners as of January 1, 2023. Eventually, I aim to “reduce” my weekly work hours to 60 hours a week and dedicate 100 percent of my time to working with clients and potential clients. After serving as the CEO of this esteemed firm for over 43 years, it’s time to allow the next generation of Partner/Owners to take on greater roles and for me to enjoy working with friends like you. Rest assured, I’m not going anywhere; I’m not retiring, perhaps ever. I simply want to be a client-serving Managing Director. Kristina, Bo and our Senior Leadership Team, along with our Board of Directors and other leaders of the firm, are doing an exceptional job in assuming leadership roles, and they will undoubtedly continue to excel. I’m incredibly proud of each of them, and it’s been a pleasure to witness these official and unofficial leaders of the firm step up.
As you read this year’s message, if there are any aspects you’d like to discuss, if you have suggestions for improving our firm’s leadership, if you’re interested in our services or if you want to introduce a client or friend to Oxford, please don’t hesitate to reach out to one of our Managing Directors or to me personally. Your feedback and inquiries are always welcome.
Thank you, Oxford friends, for being our friends. We deeply appreciate your trust and the confidence you have placed in us.
Sincerely,
Jeffrey H. Thomasson, MBA, CFP®
CEO & Managing Director
*As of 11.29.2023
**As of 01.01.2024
***As of 12.31.2022
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