2. The Challenge
Wealth management has grown to be a very big business. There is no shortage of people and firms seeking to be
the “trusted advisor” to wealthy individuals, families and private foundations. They approach this attractive market
with all sorts of motivations, business models, levels of experience and, frankly, degrees of trustworthiness. In
most cases, their principal motivation is to sell a product (usually investment related), and the advice and other
services they provide become subordinate to that goal. These secondary services are often provided at a
substantial discount, or even free of charge, putting additional pressure on the need for more product sales in
order to sustain the profit growth that management and the stock markets demand. This clear conflict makes it
very difficult for them to be that “trusted advisor.”
I believe that wealthy clients want something very simple: the assistance of a person or group with the requisite
skills and experience to help them navigate the many challenges that great wealth entails, who can give them the
“sleep at night” comfort that their interests are understood and are being protected, so that they can focus on the
other important aspects of their lives.
What they want is a fiduciary.
For generations, bank trust officers filled this role, and did so admirably. But corporate profit pressures and the
ascendancy of other business lines and business models have relegated these professionals to the dreaded back
office backwater of “cost center.” Lack of investment and rounds of “expense reductions” have decimated their
ranks. In many cases, they now have sales goals, which can place them in direct conflict with their primary role as
fiduciary. Not surprisingly, this has driven considerable turnover in the industry and a diminishing interest in
appointing banks and other institutions as corporate fiduciaries. Family offices and private trust companies have
stepped in to fill that void, but only for the very wealthiest of clients.
For the rest, the need remains. This problem must be solved. We must find an effective way to bridge the gap
between expectations (fiduciary, trusted advisor) and economic reality (product-driven economics). Our clients
deserve it.
Dan FitzPatrick, President
Northway Wealth Advisors, LLC
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4. Facilitating Effective Fiduciary Administration
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Estate & Trust Beneficiaries, Tax Authorities, Etc.
Service Providers (Attorneys, Accountants, Banks, Asset/Investment Managers, Custodians, Etc.)
Individual
Executor/Trustee
Northway
Typical Scope of Northway’s Role in
Assisting the Individual Fiduciary with
Communication & Coordination
Northway coordinates actions and communication among all parties in a
fiduciary relationship, leveraging time and talent without disintermediation
5. Why Northway?
30+ years of fiduciary experience, both individually and as leader of multiple leading trust and
estate management and private banking businesses serving high net worth (HNW) and ultra high
net worth (UHNW) individuals, families and their related charitable entities globally; a trusted
steward of billions of dollars in client assets
Broad and deep expertise in law, financial planning, multi-generational transfer planning, tax, trust
and estate administration, charitable giving, strategic vision development and planning, change
management, motivational team leadership, and delivering results
25+ years executive, operating, regulatory and client relationship experience with major global
financial firms including JP Morgan, Goldman Sachs, Citigroup & BNY Mellon
Tailored advice, personalized attention and absolute discretion which have been appreciated by
individuals of significant wealth across generations and throughout multiple business cycles
Absence of conflicts (independent ownership, no product sales, transparent fee-for-service
compensation structure) puts client interests first – as befits a true fiduciary
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6. Daniel M. FitzPatrick -- Experience
Legal: JD and experience as a practicing attorney (Davis Polk & Wardwell) with special focus
on securities, M&A, commercial banking and private banking. Relevant skills include company
analysis, corporate due diligence, transaction structuring and negotiation, HNW lending and
collateralization, securities markets and regulation. Admitted to the New York State Bar.
Planning, tax, trust & investments: 25+ years’ experience in senior leadership positions with
major firms:
JP Morgan – Headed US Generational Planning group, providing sophisticated trust, estate,
tax and transfer planning advice to HNW and UHNW clients. Promoted to head the JP Morgan
Private Bank Global Fiduciary Management business, providing onshore and offshore trust and
estate administration services to wealthy individuals, families and related charitable institutions
worldwide. Responsible for prudent fiduciary management of over $21BN in client assets.
Oversaw JP Morgan Private Bank tax department. Chaired distributions committee for JPM-
trusteed charitable accounts. Advised some of the largest estates and private foundations in
the country.
Goldman Sachs – Established, from scratch, a national fiduciary business leveraging
Goldman’s investment management capabilities. Chartered two special purpose banks.
Sourced, selected and implemented an outside vendor solution to the highly specific
accounting, reporting and regulatory compliance needs of a fiduciary business. Grew assets
under supervision from zero to $2BN, and the “Will book” to $2.5BN in four years, working with
clients having median net worth in excess of $100MM.
Citigroup – Global head of Citi Trust, providing onshore and offshore financial planning and
trust and estate structuring, administration and investment management services to HNW and
UHNW clients in almost 100 countries. Responsible for supervising over $50BN in client
assets. Grew revenues by 8% and earnings by 11%.
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7. Daniel M. FitzPatrick – Experience (cont’d)
BNY Mellon – Led investment management, fiduciary services and private banking business in Fairfield &
Westchester counties; responsible for BNY Mellon’s estate administration activities within the Tri-State region.
Drove a 47% increase in new business, increased deposits by 60% and grew pretax income by 35%.
Webster Bank – As Head of Webster Private Bank, built and implemented an open-architecture, Chief Investment
Strategist-led investment offering incorporating global markets insights as the primary component of a fully-
objective, needs based advisory offering centered around the planning discipline. Drove record net interest
income, doubled the private bank loan book and quadrupled average annual revenue per new client. Also led
conversion of an existing, legacy investment and servicing system to a new state-of-the-art wealth management
platform. Achieved higher-than-industry Net Promoter Scores and named 2015 Best Private Bank.
Management: C-suite experience with full P&L responsibility. Successfully managed teams both large (450 @
Citigroup) and small (14 @ Goldman). Most recent experiences (Webster, BNY Mellon) have involved teams of
approximately 50.
Regulatory: Proven ability to develop and maintain excellent relationships with multiple regulatory and supervisory
authorities, both national and state.
Governance: Served directly on corporate boards (e.g., JP Morgan FSB, The Goldman Sachs Trust Company,
N.A.). Chaired the Webster Bank, N.A. Trust Committee. Extensive experience presenting to boards and
investor groups. Member of the Executive Management Committee of Webster Financial Corporation (NYSE:
WBS).
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8. Daniel M. FitzPatrick – Experience (cont’d)
Charitable involvement: Vice Chairman of the board of directors of Greenwich Emergency Medical Service, Inc.
Previously served on the Board of Councilors of the American Association of the Sovereign Military Order of Malta,
USA and as Trustee of the HealthCare Chaplaincy in NYC. Actively involved as a Knight of Malta in the Order’s
service programs benefitting the poor and sick in Connecticut, and in supporting The Inner-City Foundation for
Charity & Education in Bridgeport, CT (wife is on the board). Served as JP Morgan Trustee Representative on
The William R. Kenan, Jr. Charitable Trust and as a Director of each of its four related charitable funds.
Industry leadership: Served on the Executive Committees of the Trust Management Association, Inc. and the
Trust & Investments Division of the New York State Bankers Association. Served as Bank Representative for
three separate firms (JP Morgan, Goldman Sachs & Citigroup) on the Trustees’ Committee of The New York
Community Trust.
Other: Vice President and Governor, The Preston Mountain Club, Inc. Knight of Malta. Eagle Scout.
Passions: Family, travel, writing (former Editor-in-Chief of the Vanderbilt Journal of Transnational Law; currently
contributing columnist for the Greenwich Sentinel), skiing, fly-fishing and classic cars of the 1960s and 70s.
Education:
AB, cum laude, Government (with honors), Dartmouth College 1980.
JD Vanderbilt Law School 1983.
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9. A Final Word
“What’s in a name?” (Shakespeare, Romeo & Juliet)
The Northway name and mountain logo are particularly meaningful to me, personally.
I grew up in the city and town of Plattsburgh, at the foot of the Adirondack Mountains on the western shores of Lake
Champlain, a short distance from the Canadian border at the very northeast corner of New York State. Known affectionately
as the "North Country," it is a spectacularly beautiful spot physically, even in the few months when the climate can be, well,
less than welcoming. It will always be, for me, a favorite destination, a place of happiness and fulfillment.
The road to that destination (literally) is Interstate 87. The portion of I-87 which runs from Albany to Plattsburgh is called the
Adirondack Northway. Northway thus is, to me, synonymous with the most direct route to a destination of great personal
significance.
My family has another, very special connection with the Northway.
In 1954, my father, James A. (Jim) FitzPatrick, then a New York State Assemblyman, introduced the bill that established the
Northway as we know it, and approved the funds necessary for its construction. He is credited as the author of its name -- a
combined reference to the New York Thruway to which it is connected, and the direction one would travel to reach the
Adirondacks -- and was present with Governor Nelson Rockefeller at its dedication in 1961. On his death in 1988, he was
eulogized as "the father of the Northway."
For more on the sometimes amusing history of the origin and construction of the Northway, see:
http://www.warrencountyhistoricalsociety.org/publications/back-story/rewind-back-issues-2014/rewind-april-16-2014-the-
adirondack-northway-stagecoaches-and-a-constitutional-amendment/
Finally, on the most fundamental level, our name and logo are meant to symbolize the upward, positive (northward) path to
achieving whatever one’s individual personal definition of success might be. We look forward to being your partner and
companion on that journey.
Dan FitzPatrick
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10. 500 Field Point Road, Greenwich, CT 06830
68 Southfield Avenue, Stamford, CT 06902
Northway Wealth Advisors
917.620.0842
dfitzpatrick@northwaywealth.com
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12. Wealth Management Assistance
• Goal identification and investment objective setting
• Investment Policy Statement (IPS) development
• Evaluating/selecting/communicating with investment managers
• Participation in investment reviews
• Fiduciary-specific input on investment strategy & portfolio implementation
• Multi-generational planning issues identification and recommendations
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13. Trust, Estate & Fiduciary Guidance
• Assistance with understanding and fulfilling fiduciary obligations under Trust Agreements and Wills
• Support with discretionary decision making
• Assistance in educating and communicating with beneficiaries
• Assistance with conflict resolution
• Coordination and communication with other advisors (e.g., accountants and trust and estate
counsel) and family members with respect to fiduciary, probate and tax matters
• Marshalling assets; organizing records and documents
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14. Co-Fiduciary or Trust Protector
• Serve personally as co-trustee or co-executor with individuals, banks, trust companies,
investment advisors, attorneys and accountants
• Serve personally as independent trust protector for domestic or offshore trusts; responsibilities
could include:
• Ability to remove or replace trustees
• Ability to change trust situs in light of changes in law or otherwise in the best interest of
beneficiaries
• Ability to resolve deadlocks between trustees or disagreements between trustees and
beneficiaries
• Ability to monitor & control spending; approve extraordinary expenditures
• Ability to veto distributions (beneficiary incapacitated, being sued, divorcing, etc.) and
investment decisions based on experience, prudence and trust provisions
• Ability to terminate the trust if continuation not warranted
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15. Transition Planning Advice & Assistance
• Clarify and articulate client legacy objectives, identify issues to resolve and develop action plan
to implement
• If desired, help prepare and gain buy-in on a family “mission statement,” including philosophy
and operational guidelines for charitable giving
• Work closely with existing advisors (attorneys, accountants, medical professionals, company
representatives, etc.) to prepare, review and/or modify estate and wealth transfer plans,
including establishment and operation of charitable foundations or trusts
• Facilitate inter-generational dialogue in preparation for a shift in wealth control
• Develop succession plan for trustees/executors, including identification of potential individual
and/or corporate candidates
• Direct and manage the process of account transition
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