As financial advisors and consultants managing more than $1 billion of funds, the financial investment firm of Patton, Albertson & Miller prides itself on taking a long-term strategic approach to developing and growing assets.
So a decade ago, company founder Jimmy Patton identified Chattanooga and Tennessee’s favorable trust laws as an attractive market for expansion to open another office. Patton moved himself to Chattanooga and ultimately made Chattanooga the company’s headquarters in 2015.
That expansion beyond the company’s original office in Macon and later Atlanta has helped propel the company’s growth in serving high net-worth individuals across the Southeast, Patton said. And it also shows the possibility for further regional growth in other markets as the company looks to the future.
“As we commemorate a decade of business in the Chattanooga market, we’re seeing tremendous growth of over $1 billion since we opened our doors,” said Patton, the founding partner and CEO of Patton Albertson & Miller. “We’ve been able to accomplish this by helping our clients plan and manage their entire financial lives, not just their investments.”
Despite the challenges presented by the COVID-19 pandemic, Patton Albertson & Miller grew its assets under advisement by more than 25% over the past three years and Patton said the firm is now looking at other cities in the Southeast to locate offices or acquire other investment firms.
“Our long-term goal is to be a Southeastern firm and to have a presence in North and South Carolina, Florida, Alabama, Georgia and Tennessee,” Patton said. “But we take the long view and we will continue to look for the right opportunities to acquire other firms that share our values and philosophy, particularly with putting our clients’ interest first and having a fiduciary offering. We want to grow and expand, but we don’t want to forget what has made us successful.”
Company at a glance
Name: Patton, Albertson & MillerOffices: Chattanooga, Atlanta and Macon, GeorgiaCEO: Jimmy PattonStaff: 21 employees in three officesAssets under management: More than $1 billion
Patton, a former SunTrust Bank manager in Middle Georgia who founded the wealth management firm in Macon in 2003, said Patton Albertson & Miller was started to be different from other investment firms or brokerage houses. The fee-only financial management firm was started by Patton, Marc Albertson and Bill Miller. Miller has since retired.
“We’re in the financial life management business; we’re not in the investment management business,” Patton said. “What that means is that we provide a full complement of services to our clients. We will help them do just about anything that has a financial aspect to help people get organized, have a plan in place and help them achieve that plan. We carry them all the way through that plan.”
Patton said his firm also doesn’t focus only on certain types of investments but considers all economic sectors and types of investment options.
“We’re big believers in diversification,” he said. “We are of the mind that you do better when you make reasonable, steady returns over a long period of time.”
In March 2020 when COVID-19 began shutting down much of the economy and the stock market dropped by more than 20%, Patton Albertson & Miler advisors urged clients to keep their focus on the long-term and not worry about the quarterly drop in stock values. Over the past year and a half, the stock market has not only rebounded from the early 2020 losses but risen to new heights this summer.
“There are always changes in tactics, but in terms of our long-term strategy you always want to construct a portfolio that has a long-term horizon with a diversified portfolio,” Patton said.
Patton credited the company’s success over its 18-year history to its diverse services, including estate planning, financial counseling and assistance and helping execute plans. The typical customer relationship with the firm involves investments or other assets worth an average of $1.8 million, although Patton said many clients are much smaller or bigger than average.
“We’ve helped clients purchase an automobile, get timber, and offer a host of other services beyond just investing their money,” he said.
Patton said the company’s growth has come from the firm’s unique appeal in a growing part of the country, combined with its extensive knowledge of complex estate planning and estate settlement and a skilled investment team.
The firm opened its Chattanooga office in 2012 with one employee and now has seven full-time team members at its office in the Liberty Tower.
“As we look to the next decade, we do so with gratitude for the last 10 years and optimism for continued growth,” Patton said.
Contact Dave Flessner at dflessner@timesfreepress.com or 423-757-6340.