In 1989 a handful of legacy families, including Hap and Ellen Perry were so dissatisfied with their own wealth management providers of private banks, financial services firms, and trust companies that they formed their own multifamily office to help other wealthy families in the same situation. Instead of selling advice, these institutions were selling products disguised as trusted advice. They used their size for market power and self-interest, generating more money per client. They cared more about growing than about their customers. GenSpring belelived this had to change. As a fee-only company, these problems can be avoided and more growth for GenSpring means more options, power, and resources for their clients as well.