Michael Marcovici and Patrick Baldwin are private wealth advisors who manage portfolios for wealthy families with a minimum of $10 million in assets. They provide an income strategy to generate steady income from investments to match clients' lifestyles after major life events like selling a business. They then invest remaining principal for long-term growth to secure clients' wealth for generations. Their personalized service, experience, and dedication help keep clients protected during market volatility.

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After you sell the company you've worked so hard to build, you have a
substantial amount of capital, but you're not generating any income. That's
where Michael Marcovici and Patrick Baldwin come in.
Photograph by Maria Corley
When you live through the experiences of the
last two years, it reinforces the way we
manage money,” says Michael Marcovici, First
Vice President in the Private Banking and
Investment Group of Merrill Lynch. “We anchor
people’s portfolios and lifestyles so they can
live their lives in the fashion to which they’ve
grown accustomed, regardless of the current
economic or political landscape. We provide
that for them.”
Keeping high net worth families insulated from
the shock of sudden economic shifts is
Michael’s business. As Private Wealth Advisors,
he and his partner, Patrick Baldwin, specialize
in managing the family assets of the most
affluent Merrill Lynch clients, those whose
balance sheets range between a minimum of
$10 million to upwards of several hundred
million. In fact, out of the 15,000 advisors who
work for Merrill Lynch, less than 300 are
accredited to perform like Michael and Patrick.
“The first thing that we do is provide an
income strategy for the family—what they would like their portfolio to generate on an annual
basis,” says Patrick. “We build the liquidity bucket first. After that, we build assets around it. We
are the bridge between a family’s assets and the liquidity they need to derive their lifestyle.”
Let’s say that you’re an entrepreneur and you sell your business. Now you have a large amount
of capital to work with, but you’re not currently generating any income. Michael and Patrick buy
income-oriented investments on behalf of their clients to generate a current income that matches
the family’s lifestyle needs. The family is then living off of a steady stream of new income instead
of selling assets at, perhaps, inopportune times to meet lifestyle needs. After providing for the
family’s immediate financial needs, Michael and Patrick’s next objective is to use that principal to
make growth-oriented investments, to secure their client’s wealth for generations to come. It’s
their multi-generational approach that truly resonates with their clients.
“The purpose of money is to allow you to do what you want, when you want,” says Michael.
“Some families want to take care of their own family with the income we generate for them.
Other families have philanthropic interests. Others may want to travel, see the world, own
various homes in different regions of the world. And we help them facilitate their desires.”
Unfortunately, there’s an old proverb that all too many once-affluent families are familiar with:
“Shirtsleeves to shirtsleeves in three generations,” sometimes also stated as, “The father buys,
the son builds, the grandchild sells, and his son begs.” Without careful and studied advisement, a
family can find themselves tearing through the principal balance of their wealth, confident that
the money will always be there, and sooner than later find themselves coming up short. Michael
and Patrick preserve, protect, and grow that principal prudently using time-proven methods of
investment to safeguard generations of their families from that startling eventuality.
But it’s really Michael and Patrick themselves that differentiate their practice from other advisors.
Patrick Baldwin and Michael Marcovici
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Their commitment to the families they represent can be seen in their collective 40 years of
results as well as their dedication to be available 24/7. When someone is so involved in the
financial welfare of your family, that kind of availability is invaluable. In return, their clients treat
them as an extension of their own family. You can find them at the baptisms, bar/bat mitzvahs,
and weddings of the families they represent, some of whom they have been doing business with
since the inception of their careers. Their practice is built on steadfast dedication, personal
attention, and deep industry knowledge.
That kind of dedication and experience is more important than ever given the staggering market
fluctuations of the last couple years. “When you develop a portfolio the way we do, it allows
families to have peace of mind during these difficult times. It really has validated what we do for
families,” says Patrick.
“Building that bridge to allow people to live the way they want is clearly what we do exceptionally
well. Beyond that, we think about how to propagate that wealth over the course of time,” says
Michael. “How can we sustain it? That sort of cerebral exercise is our day-to-day mission. We
think in those terms so that our families don’t have to.”
For more information on The Baldwin/Marcovici Group, call 312-325-2626, or e-mail
Baldwin_Marcovici@ml.com, Private Wealth Advisors at Merrill Lynch.
—Jake Jarvi
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8/6/2010http://www.sheridanroadmagazine.com/article.php/vol/4/issue/4/title/article-Merrill-Lynch