Downtown Calgary with River skyline`

Genn Family Office received the Multi-Family Office Team of the Year award earlier this month, the Calgary-based firm announced Thursday.

Genn is focused on enhancing the lives of families by guiding and assisting the transfer of intergenerational wealth.

The award was presented in London, U.K. by the Society of Trust and Estate Practitioners (a.k.a. STEP), an international organization of 20,000 plus members representing 95 jurisdictions.

A panel of 17 international judges summarized Genn’s win as follows: “We were impressed with Genn Family Office’s entry, which demonstrated a real breadth of service and expertise, covering both the technical tax and investment aspects, as well as softer aspects such as family governance, which are just as important.”

“I’m thrilled our team got a chance to be recognized on a global stage for the work we do with our families,” says Jared Wolk, portfolio manager, Genn, in a statement. “The multi-family office concept is relatively new in Alberta but not around the globe, so the international recognition from our peers is a valuable testament to our approach.”

“Long-term wealth sustainability goes beyond the hard, technical side of financial management and incorporates softer aspects of the family dynamic, like coaching and family communication, which is what makes us different,” adds Kevin Algar, Genn president and CEO, in a statement.

According to Algar, there are an estimated 400 families in Alberta that would meet the definition of ultra high net-worth. However, this niche population is mostly made up of families with first generation wealth. “While that population had seen a slow shift to include a growing number of families with second and third generation wealth, that trend is at risk with the latest downturn,” he says.