Legacies That Endure

Approaching its Golden Anniversary, Leavell Investments continues to grow and invest in relationships

by Kaija Wilkinson

Leavell Investments was the number one Alabama-headquartered financial advisory firm (29th in the U.S.) on the 2024 CNBC Financial Advisor List – an impressive honor, the firm’s sixth, reflecting not only assets under management, but also Leavell’s ability to help “clients navigate through their financial life.” As of March 2025, Leavell’s 34 employees managed $2.96 billion in assets across offices in Mobile, Birmingham and Fairhope. Its client base spans more than 24 states – an indication of the “broad expertise and trusted advice its team consistently delivers,” observed Leavell CEO Andrew Grinstead, who took the leadership reins from founder Tom Leavell in 2014.

As a firm with more than 45 years’ experience, Leavell has served multiple generations of the same families, which Grinstead said reflects “the deep trust our clients place in us and our commitment to their evolving needs over time.” One such relationship began in the 1980s when a client sold his business and chose to invest a substantial portion of the proceeds with Leavell. His goal was clear, Grinstead said: to grow the assets for the benefit of future generations.

As the family patriarch’s investment portfolio grew, he asked Leavell to assist with succession planning, recognizing the importance of involving his adult children in the stewardship of the family’s wealth. In the 1990s, Leavell worked closely with the client’s estate planning attorney and accountant to craft a strategy that honored his intentions while gradually transferring decision-making responsibilities to the next generation. Grinstead stated:

“Although the patriarch has since passed away, his legacy endures. His family continues to collaborate on financial decisions that have meaningful impacts – not just within the family, but also in the communities they support.”

Leavell still manages the original account, and now advises several individual family members as they plan their own financial futures and the legacies they will leave for the next generation.

The Beginning: Tom Leavell

After earning his undergraduate degree from Auburn University and an MBA from the University of Kentucky, Tom Leavell – a Kentucky native who was previously a U.S. Air Force captain overseeing a flight crew for B-52 bombers – began his career in wealth management at Wachovia Bank in Winston Salem, North Carolina. Leavell and his wife, Barbara, later felt drawn to her hometown of Foley in south Alabama, so Leavell joined a respected regional bank in Mobile. It was there that he recognized a growing need for high-net-worth families to receive “truly independent, fiduciary-driven financial advice,” Grinstead said.

So, in 1979, he founded T. Leavell & Associates – now Leavell Investment Management (Leavell Investments) – with the mission to provide unbiased, client-focused wealth management. Located in the heart of downtown Mobile at 210 St. Joseph Street, the firm’s mission remains the same: to serve clients with integrity and a steadfast focus on their financial goals.

When a valued employee had to relocate to Birmingham, Leavell Investments opted to open an office there rather than lose her, Grinstead said. In recent years, the Mobile office has experienced significant growth, and, by 2024, Leavell faced a choice: expand the existing building or open a new location. The firm opted for the latter, opening an office in downtown Fairhope staffed full time by four employees who live across the bay.

Just like the relationships it builds with clients, Leavell hires individuals who align with its mission and values. Grinstead observed:

“Many of our employees, like our clients, come to us through trusted relationships. In several cases, future team members were introduced to Leavell while working in other major metro areas and looking to return to Alabama. These early connections allow both sides to evaluate cultural fit – something we value deeply – long before the typical, fast-paced recruitment process begins.”

Although each position at Leavell requires a specific professional skillset, most roles begin with “a defined level of demonstrated competency necessary to succeed from day one,” Grinstead said.

White-Glove Service

Each Leavell client, whether an individual, business owner, foundation or retirement plan, is supported by a team consisting of an investment counselor, a portfolio manager and a client service representative. The investment counselor serves as the primary advisor, working closely with the client to understand their financial goals, assess risk tolerance, design a personalized investment strategy and craft a long-term financial plan. The portfolio manager implements the investment strategy, making day-to-day investment decisions and continuously monitoring market conditions. The client service representative, meanwhile, delivers “high-touch” support – assisting with account setup, documentation, money movement and general inquiries to ensure a “seamless client experience,” Grinstead said.

Leavell navigates challenging financial times through thoughtful strategy and proactive planning, Grinstead observed, continuing:

“At Leavell, we recognize that each investor has a unique set of goals, priorities and circumstances. That’s why our team invests significant time in getting to know our clients – 

understanding what matters most to them – so we can build customized investment portfolios and financial plans that stay aligned with their long-term vision, regardless of economic conditions. Through disciplined diversification and a focus on the long run, we help clients manage volatility and remain on track with their financial objectives.”

“A 100-Year Firm”

Leavell Investments is a 100% employee-owned company, an indication that the firm has planted deep roots and is here to stay. From 1979 until 2006, the majority of the firm was owned by founder, Tom Leavell. The company transitioned to broader ownership in 2006 when Leavell reduced his holdings and sold shares to six key employees. When Grinstead succeeded Tom Leavell as CEO in 2014, the firm purchased Tom Leavell’s remaining shares. Around the same time, Leavell Investments established a long-term vision of becoming a “100-year firm,” Grinstead said.

Unlike many registered investment advisors, the firm is not building itself to sell to a third party. “Instead, we are intentionally structured to pass the firm on to future generations of employee-owners,” Grinstead stated, continuing:

“We’ve developed an internal buy-sell agreement to facilitate this vision, and over time, we’ve added new shareholders while successfully redeeming shares from retiring ones, demonstrating that our model works in practice.

“We believe that remaining independent is in the best interest of our clients. Our firm is managed with a singular focus on serving their needs – not those of external or distant shareholders. At Leavell, clients know the decision makers personally. Our shareholders are not just passive owners; they are directly engaged with clients and rooted in the communities we serve.” 

Reference

[1] cnbc.com/top-rated-wealth-management-firms