INVESTED WINTER 2012
Kate Demet
Director of Marketing & Communications
BY
The Genesis of
RMB Jennings
In late 2010, we were introduced to Jennings Investment
Advisors (Jennings), a small independent advisory firm in
Jackson Hole, Wyoming. The firm was in a state of crisis,
following the sudden and tragic death of its principal,
Dick Jennings, in a Thanksgiving Day car accident. Dick
had founded, owned, and operated the firm, directing all
investment decisions and recommendations. Without him
at the helm, and without a defined succession plan, the firm
could not continue to meet its commitments to clients.
Dick’s widow, Lisa Jennings, and the two remaining
employees (one of whom was Dick’s niece, Flynn Govern)
were faced with a tremendous business challenge while still
dealing with the shock of Dick’s passing. In the days and
weeks following the accident, a handful of Dick’s trusted
business advisors in the community generously contributed
invaluable expertise and consulting in order to identify
and pursue an appropriate course of action. Ultimately, the
group decided to search for a like-minded firm that could
take over the business in a way that was aligned with
Dick’s vision. During their research and networking process
in the weeks that followed, they were referred to RMB by a
mutual connection in the Denver area.
Shortly after learning about the situation, Dick Burridge
and Fred Paulman flew to Wyoming to meet with Lisa, the
employees, and the collection of business advisors who had
rallied to find a new home for the Jennings business. The
entire group quickly recognized significant commonalities
between Jennings and RMB:
» As independent firms, both were founded upon a
commitment to serving clients’ best interests;
» both subscribed to the same fundamental, long-term
investment philosophy that is at the foundation of RMB’s
asset management platform; and
» the common themes of trust, authenticity, and personal care
drove both firms’ approach to building client relationships.
Everyone involved felt that the firms’ shared sense of
purpose made for a natural fit. In addition, having laid the
groundwork for opening a Denver office, RMB was already
moving forward with extending our operations to the West.
Broadening the scope of our expansion to include a Jackson
Hole office, and the additional group of clients, was something
we believed could be accomplished with relative efficiency.
Lastly, we were compelled to offer resources and support
that would protect the interests of Jennings’ clients, maintain
the integrity of Dick Jennings’ legacy, and provide value to
Lisa Jennings for a business that felt closely related to our
own. Upon finalizing the terms of the deal, the business in
Wyoming was renamed RMB Jennings, which is a division
of RMB Capital Management.
Following the closing of the transaction, our first order of
business was to provide stability for Jennings’ clients, guiding
them through the process of transitioning to a new entity. Our
second priority was to recruit a seasoned, locally established
professional who understood the unique characteristics of
the Jackson Hole market. After an extensive search, we
recruited Kay Jones (V.P., Senior Wealth Manager) to lead the
charge. Since joining the team, Kay has worked closely with
Fred Paulman, Don Bechter, and Flynn Govern to serve our
Wyoming client base with the same care and professionalism
they received from Dick Jennings. »
INVESTED WINTER 2012
With 30-plus years of financial industry experience and a
robust network both in the community and throughout
the country, Kay has made instrumental contributions in
solidifying RMB Jennings’ value proposition and the
long-term sustainability of the business.
We believe this story reflects much about our company’s
philosophy. RMB’s growth goals are firmly rooted
in furthering our commitment to our clients. We
strategically outline business plans and critically assess
new opportunities to ensure alignment with the criteria
that guide this mission. It’s important to emphasize that
the unique combination of circumstances was a driving
factor in our choice to move forward with RMB Jennings.
Growth by acquisition is not our number one priority,
nor our number two priority, for that matter. In fact, we
are skeptical of firms that employ roll-up strategies and
embark on acquisition sprees. For RMB to move forward
with a merger or acquisition, our decision will always be
contingent upon having a rationale for the transaction that
clearly shows how it supports our mission.
Our Mission
» To put the interests of our clients
first – always
» To be a premier, independent
“one-stop” wealth management
and asset management firm
» To deliver a high level of
personalized service
» To provide access to quality
investment ideas, people, and
opportunities at the right price
» To serve the needs of our clients
seamlessly for generations
The opinions and analyses expressed in this communication are based on RMB Capital Management, LLC’s research and professional experience, and are expressed as of the date of our mailing of this
communication. Certain information expressed represents an assessment at a specific point in time and is not intended to be a forecast or guarantee of future results, nor is it intended to speak to any future
time periods. RMB Capital makes no warranty or representation, express or implied, nor does RMB Capital accept any liability, with respect to the information and data set forth herein, and RMB Capital
specifically disclaims any duty to update any of the information and data contained in this communication. The information and data in this communication does not constitute legal, tax, accounting,
investment, or other professional advice.