Multi-family office Harris myCFO is looking to acquire a firm in Florida, and the firm's recent split with Steve Braverman and Allan Zachariah was "very amicable," according to president Joe Calabrese.

Harris myCFO is on track to expand into Florida, and the multi-family office’s split with Steve Braverman and Allan Zachariah was “very amicable,” Joe Calabrese, the president of Harris myCFO said yesterday in an exclusive interview with Family Wealth Report in his Chicago office.

Braverman and Zachariah, high profile managing directors at Harris in New Jersey and Atlanta, respectively, left the firm earlier this year to form Pathstone Family Office, in a move that raised eyebrows across the industry.

“It was a very thoughtful transition,” Calabrese said. “We collaborated every step of the way and explained the implications to employees and clients. There weren’t any problems at all.”

A new Florida office fits into Harris my CFO’s growth strategy of looking for opportunities to grow scale in existing offices or opening new offices in markets where either other Harris units already have offices or where there is significant wealth density.

Harris Private Bank has offices in Naples, Sarosota and West Palm Beach, and Calabrese said he is meeting with firms in those markets to discuss a possible acquisition.

“The southeast,” he said, “is the next key market for us.”

“I think it is safe, logical and predictable that there will be further consolidation, and we think of ourselves as an industry leader,” he said, noting that Harris myCFO has more than $16 billion in assets under management and 300 client families.

Calabrese also pointed out the financial strength of  Harris’ parent, The Bank of Montreal, which has a market capitalization of  $32.40 billion, making it the sixth-largest bank operating in the US.

“We think we have a lot of attractions for smaller firms who may want to be acquired,” he said. “They get instant scale, state of the art technology and a deep and robust  investment platform.”

In addition to the southeast, Harris is also eyeing more growth in the northeast and collaboration with the Bank of Montreal and its capital markets group.

“We work very closely with them,” Calabrese said. “Their clients are successful entrepreneurs who run businesses with whom we can partner on a wide range of services.”

Harris myCFO families tend to have more than $25 million in investable assets and $100 million in net worth, according to Calabrese.

“The distinction is important,” he said. “We are able to work with wealthy families even if their wealth is not liquid.”

Fees for services other than managed assets are based on a fixed annual retainer that is “pre-negotiated based on the scope of service and complexity,” Calabrese said. “Or, under limited circumstances we will bill based on time and materials. Our pricing model is more akin to a professional services model.”