Needing more space for a workforce that’s nearly doubled in size, Glastonbury’s C.I.G. Private Wealth Management has left its longtime home office and signed a five-year lease in nearby Somerset Square.
For the past 20 years or so, C.I.G. — which provides wealth management and financial planning services to individuals and organizations — had been headquartered at 294 New London Turnpike in Glastonbury, located approximately 2 miles away from its new 6,600-square-foot space on the second floor of 180 Glastonbury Blvd., where it is now one of the larger tenants.
Bobby Schneider, C.I.G’s director of operations, said in an interview Wednesday that the firm simply needed more room for its growing 19-person team.
“No one disliked the old office. We just needed more offices, desks, conference rooms and parking,” Schneider said.
Ahead of its move-in earlier this month, C.I.G. commissioned renovations to its new office, knocking down some walls to open up the space, creating a dozen new work stations and updating the conference rooms and reception area.
180 Glastonbury and its sister building at 200 Glastonbury are owned by Simsbury’s Hart Realty Advisers, which purchased the properties in 2019 for $30.3 million.
Some of C.I.G.’s growth in recent years has come from acquiring businesses in Berlin and New York.
When C.I.G. was mapping out its new space in Somerset Square, Schneider said the firm made sure to leave some room to accommodate potential growth from additional hires or deals in the future.
”We’re open to [more acquisitions] and we plan to keep growing,” he said. “It’s always a balance. When you add more clients you can’t lack on the service.”
C.I.G.’s principals started their office hunt well before COVID-19 struck. Many of its employees continue to work from home at least part of the time, and for those who are coming in, the firm is staggering schedules and requiring masks and other precautions, he said.
The pandemic did create some apprehension for the firm about committing to a larger space in an uncertain time.
“It certainly crossed all of our minds,” Schneider said.
Though C.I.G. won’t be using the entirety of its new space in the near term, Schneider views the move as a long-term play and a bet on a better future.
“There’s a lot of empty desks in the middle of the day, but we’re hopeful that we do get back to meeting in person,” he said. “A lot of our clients really like to meet in person. Money is a very personal thing for people.”
