Silvercrest Asset Management Group Inc. (NASDAQ:SAMG) Q1 2024 Earnings Conference Call May 3, 2024 8:30 AM ET

Company Participants

Richard Hough - Chief Executive Officer, President & Chairman
Scott Gerard - Chief Financial Officer

Conference Call Participants

Sandy Mehta - Evaluate Research
Christopher Marinac - Janney Montgomery Scott
Chris Sakai - Singular Research

Operator

Good morning, and welcome to the Silvercrest Asset Management Group Incorporated First Quarter 2024 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note, this event is being recorded.

Before we begin, let me remind you that during today's call, certain statements made regarding our future performance are forward-looking statements. They are based on current expectations and projections which are subject to a number of risks and uncertainties, and many factors could cause actual results to differ materially from the statements that are made.

Those factors are disclosed in our filings with the SEC under the caption Risk Factors. For all such forward-looking statements, we claim the protections provided by the Litigation Reform Act of 1995. All forward-looking statements made on this call are made as of the date hereof, and Silvercrest assumes no obligation to update them.

I would now like to turn the conference over to Richard Hough, Chairman and CEO of Silvercrest. Please go ahead.

Richard Hough

Thank you, very much and good morning. Welcome to our first quarter 2024 earnings conference call. Usually, I read my business update for the quarter, but I thought it'd be helpful this morning, it's been a while, to really talk about what Silvercrest does and highlighting the nature of our firm strategically.

Silvercrest is an independent wealth management firm and we combine top quality investment expertise with high levels of customer service. Our customer facing investment professionals who provide customized advice and service to our well over 600 ultrahigh net worth individuals and institutions, have consistently enjoyed annual customer retention rates of over 98%, and most of our revenues come from recurring management fees.

We also have great employee retention with very little turnover and people have dedicated their careers at building this firm.

Because of the excellent investment returns we've generated for our clients over time and our superb client service, under management have grown from $4 billion to $30 billion over the last 20 years. Unlike many of our wealth management competitors who are 100% open architecture, which is to say they have none of their own internal investment management. We have a strong investment culture at Silvercrest focused on building, supporting, retaining, training really strong intellectual capital on behalf of our clients.