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Jeff is the Chairman of Evercore Wealth Management and Evercore Trust Company, N.A. Jeff, Chris Zander and their partners established Evercore Wealth Management in 2008. The firm is now one of the leading independent Registered Investment Advisory firms in the United States (Barron’s, Financial Advisor 1 ).
Jeff was earlier Chairman and CEO of U.S. Trust, where he started his career in 1970 and served as President and Chief Operating Officer before he was appointed CEO in 2001 and Chairman of the Board in March 2002. In 2003, he joined Lehman Brothers as Chairman and Chief Executive Officer of Lehman Brothers Trust Company and remained with the firm through 2007.
Jeff is the author of the book, Rich in America: Secrets to Creating and Preserving Wealth. Prominent in industry activities, he is a former Chairman of the American Bankers Association’s Trust and Investment Management Division. He is also actively involved in a number of community organizations in Florida and New York. He serves on the boards of several charitable organizations and acts as Chairman of the Board of the Hebrew Home at Riverdale in New York.
Jeff holds a B.A. from Alfred University, an M.B.A. from New York University, and a J.D. from St. John’s University School of Law.
It’s been more than a year since I – and I’m guessing you – enjoyed a live performance. I’ve been hooked on the theater since 1961 when my parents took me to see Camelot, the Lerner and Loewe musical starring Richard Burton, Julie Andrews and Robert Goulet, at the Majestic in New York City. And I was so looking forward to seeing The Lehman Trilogy last spring along with some of our clients. But … well, you know this particular plot twist: Stages, along with concert halls and comedy clubs, went dark, with millions of performers, stagehands, ushers and back office personnel left bereft of livelihood and passion.
Their virtual efforts, however admirable and entertaining, don’t seem to me a satisfying substitute for the real thing (although a recent production of Meet Me in St. Louis by the Irish Repertory Theater of New York came close). I miss the intimacy of the venue, of being part of the audience as we are transported to a new place, swept up in the drama, the mystery, the music and the laughter. I miss rising together, with one voice, to thank the cast for sharing their talents with us.
That talent is still out there: More than five million Americans make their livelihood in the broader arts, at the National Endowment for the Arts’ last count, with more in New York alone than in finance, tech or education. They are waiting in the wings, working at other jobs, hoping for better days. I like to think that they miss us too.Arts and culture represent 4.5% of U.S. gross domestic product, or GDP, a proportion larger than that contributed by industries as diverse as construction, agriculture, and transportation. The $75 million appropriated back in March by Congress through the CARES Act to preserve jobs and help support organizations forced to close wasn’t nearly enough.
In the interim, we can help. One of the great privileges of a career in wealth management has been to work with clients who integrate the arts into their lives, sharing their enthusiasm with their families and, often, with their communities. Many of our clients are continuing to support the arts by keeping subscriptions and memberships current and by donating to favorite institutions.
We can help, whether your interests are in the arts or in the many other areas affected by the duration of this pandemic. It’s worth noting that this may be an opportune time to diversify appreciated stock positions in anticipation of higher income and capital gains taxes, if that makes sense in the context of broader retirement, family gifting and philanthropy goals. (See Pam Lundell’s article here.) It’s also a good time to consider strategies such as charitable split interest trusts.
It’s been 60 years since I first sat in that theater, enthralled by the trials of Arthur, Guinevere and Lancelot. I will be at least as thrilled to see the lights switch back on and to wait with the rest of the (inoculated) audience for the curtains to rise again.
Jeff Maurer is the Chairman of Evercore Wealth Management and Evercore Trust Company. He can be contacted at maurer@evercore.com.
Volume 41 of Independent Thinking® by Evercore Wealth Management examines the evolving investment landscape in the wake of the COVID-19 pandemic and unprecedented government stimulus.
The publication discusses the disconnect between high asset prices and low yields, the complex nature of inflation, and the importance of productivity growth in justifying current market valuations. It provides insights into the potential impact of further fiscal stimulus, the role of diversification-including illiquid assets-and the need for ongoing, individualized portfolio management.
The issue also addresses forward-looking planning topics such as preparing for progressive tax changes, business transaction strategies, and preserving family properties and the arts.
Investment and Wealth Management services are provided by Evercore Wealth Management, LLC an investment advisor registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940. Registration with the SEC does not imply a certain level of skill or training. Trust and custody services are provided by Evercore Trust Company, N.A. a national trust bank regulated by the Office of the Comptroller of the Currency.
Client retention rate is based on data from 06/30/24 – 06/30/25. Assets under management are as of 06/30/25
