From the CEO

2010 came to a close with another very good quarter for our clients’ portfolios, capping an excellent year overall. Many of our newer clients are enjoying investment results accumulating to more than 50% over the past two years and many longer-term clients have recovered a very substantial portion of the losses incurred in the global financial crisis of 2008 and early 2009.

Quite a few commentators believe that that crisis is far from over and that many of the structural problems (excessive leverage, poorly executed or non-existent regulation, fiscal deficits, and more ) are not cured or are now even worse. We are more optimistic; but we are not suggesting complacency. We remain very diligent in our efforts to identify specific world class investment solutions and to match intelligent investment strategies to our clients’ goals and to their willingness and ability to tolerate the many risks that still…and always will…exist. We deeply appreciate their continued faith in our efforts.

In the year just finished, Aspiriant enjoyed substantial growth in clients and staff and geographic reach through the Aspiriant Investment Advisors subsidiary acquisition last September. Our core San Francisco and Los Angeles offices now celebrate three full years since the merger that created Aspiriant at the start of 2008. We continue to unleash synergies and expand client service capabilities for the benefit of all of our clients and continue to enhance career opportunities for all of our people.

On that very substantial foundation, we look ahead to 2011 with even deeper confidence in our ability to truly excel in serving our clients to help them achieve their goals. We intend, always, to be the leading independent wealth management firm, with our clients the chief beneficiaries of that leadership.

With very best wishes for a happy new year!

Rob Francais
Chief Executive Officer

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