Jacksonville banker Mary “Biggs” Knauer had been hoping to get the call for years.
It finally came last year.
Her longtime friend and occasional collaborator, investment adviser Bob Joel, wanted Knauer to work with him at Salvus Wealth Management, a firm he co-founded with a New Jersey certified public accountant.
Joel and Knauer had crossed paths professionally for 15 years, frequently working with the same clients. Joel’s expertise is in investments; Knauer’s is in trusts. The two often discussed their respect for one another’s work and said they hoped to someday be on the same team.
Joel and Knauer joined forces in March to establish the firm’s Jacksonville presence. Salvus’ local offices are on the seventh floor of the newly restored 12-story Greenleaf Tower Downtown at 208 N. Laura St.
“It’s kind of a dream come true being in the same company and working for the same clients at the same time (with Joel),” Knauer says. “All Bob needed to do was call.”
Being Downtown in a restored historic property is icing on the cake for the duo, Joel and Knauer said in an interview in their digs, which are still taking shape.
“This space just seemed to fit our goal of being in the middle of Downtown,” Knauer said. “There’s a wonderful view of the park (Hemming) and the library, and all of the things that are going on down here really appealed to us.”
Joel is a former principal at Arcus Capital Partners and partner at HighTower Advisors, and vice president of Timucuan Asset Management.
Before joining Salvus Wealth Management as chief fiduciary officer, Knauer worked in the trust banking field for several Jacksonville banks.
Joel says hiring Knauer was a substantial move by the independent, fee-based service firm, which exclusively serves high-net-worth clients.
In addition to instantly bringing a cadre of clients to the firm, Knauer is a stickler for detail who has performed most of the legwork for the Salvus’ enormous regulatory compliance responsibilities as a registered investment adviser, Joel said.
“It’s amazing what she has come in here and done since March,” said Joel, Salvus’ chief investment officer and chief compliance officer.
Advisers are legally required to put their clients’ best interest first and are correspondingly responsible for being fully transparent, including reporting income, conflicts of interest and other information in a publicly accessible, annual online document.
“The compliance work takes an enormous amount of time,” he said. “Biggs has coordinated everything, allowing me to spend more time on the investment side … I think we’re very complementary that way.”
With offices in Jacksonville and in Tinton Falls, N.J., and Toms River, N.J., the firm’s advisers serve as their clients’ fiduciaries, assisting them with their investment management and financial, estate and tax planning.
Salvus co-founder and CEO Charles T. Woolston oversees the firm’s New Jersey offices.
As with Knauer, Joel has served mutual clients with Woolston over the past 15 years.
Woolston's accounting firm partners are shareholders in Salvus; the firm also serves clients in New York and Connecticut.
“What is different is that we are not a division of the accounting firm. It’s a kind of a cross-pollination, but we’re still 100 percent independent at the end of the day,” Joel said. “And we have clients on the investment side that also have access to a world-class accounting firm.”
As it turns out, Salvus’ Jacksonville contingent members are as different as night and day.
Knauer is an English literature major; Joel studied history.
She’s a reserved enthusiast of impressionist art; he is an outgoing rock-and-roll guitarist.
And although she’s 5 feet 2 inches and he’s 6 feet 5 inches, it’s Knauer who is called “Biggs.”
It’s a moniker Knauer acquired in her youth due to her middle name – Biggers.
“When I introduce her as ‘Biggs,’ people think I’m kidding,” Joel said. “And when someone says, ‘Mary,’ I’m looking around the room thinking, ‘Who are we talking to?’”
A commonality between the two is that Joel and Knauer are community-centric servant leaders. Their volunteer work includes roles in local nonprofits’ boards of directors.
Salvus’ office overlooks Snyder Memorial Church, the focus of the nonprofit group amplify’s revitalization efforts. Joel is chair of amplify’s board of directors’ and Knauer soon will join the board.
Next door, Salvus was one of the first tenants to occupy the Taurus Investment Holdings’ newly renovated Greenleaf.
“We believe they are a spectacular addition to the variety of companies who have chosen to call the new Greenleaf building home,” said Chris Reibling, Taurus’ MidAtlantic U.S. acquisitions director. “I’m personally excited by the synergies of our two companies and look forward to working together with them as they continue to grow and expand their platform.”