Adviser Dan Joss departs FJY Financial

Split at former Fox Joss & Yankee said to be amicable

Jul 9, 2014 @ 12:27 pm

By Liz Skinner

FJY Financial co-founder and chief operating officer Dan Joss has split from the well-known Northern Virginia advisory firm and joined Covenant Wealth Advisors, based in Williamsburg, Va.

Mr. Joss, Marjorie Fox and Jon Yankee started the firm eight years ago when the trio left financial planning firm Rembert D'Orazio & Fox together. FJY Financial had been named Fox Joss & Yankee until August 2013. There will be no further name change, according to Ms. Fox.

Mr. Joss decided to leave in March after the firm's partners worked with an industry coach for about nine months trying to reconcile business differences, Ms. Fox said. Mr. Joss' last day was June 30.

“Dan left for both personal and professional reasons,” she said. “This is an amicable separation and we've worked to make it a win for Dan, FJY and clients.”

Mr. Joss said he didn't want to comment about his split with FJY Financial right now, other than to say that he decided to move to Williamsburg for personal reasons and joined Covenant.

FJY Financial is not disclosing the financial details of the transaction nor how many clients have said they'll move with Mr. Joss. Ms. Fox said clients who have worked with him were given the option to join Mr. Joss at Covenant or remain with FJY Financial.

“Some are going with him and some are staying put,” she said.

FJY Financial had about 200 clients and $429 million in assets under management at the end of 2013, according to its latest filing with the Securities and Exchange Commission.

Covenant's website shows Mr. Joss is one of three advisers at the firm, which was started by Robert Topping in 2002. Covenant has about 120 clients and $137 million in assets under management, according to its latest SEC filing.

Laurie Belew, a senior financial adviser with FJY Financial, will take over as its COO, and Mr. Yankee will become the chief compliance officer, another role Mr. Joss had filled.

In other changes at FJY Financial, Ms. Belew is set to become a partner of the firm later this year, Ms. Fox said.

Additionally, FJY Financial will be acquiring the financial advice firm of Ms. Belew's father, Larry Adams, later this year. His LifePointe Financial Partners in Midland, Texas, will become an office of FJY Financial and Mr. Adams will be made the fourth partner in the firm when that deal closes, Ms. Fox said.

0
Comments

What do you think?

View comments

Most watched

INTV

How advisers can be a gamechanger for women investors

Why women defer to men when it comes to finances and how advisers can combat this phenomenon and make a difference for female investors, according to Heather Ettinger, founder and CEO Luma Wealth Advisors.

INTV

How the 2020 elections could impact ESG investing

Joseph Keefe, president of Impax Asset Management, on the elections and how advisers can build a bridge to the next generation of clients with ESG investing.

Latest news & opinion

Schorsch, AR Capital to pay $60 million to settle SEC charges

The former REIT czar and his firm wrongfully obtained millions linked to REIT mergers.

CFP Board postpones enforcement of its revised fiduciary standard

Board's new Code of Ethics and Standards to be enforced next June, in line with the SEC's Reg BI

Charles Schwab reportedly in talks to buy USAA brokerage, wealth management business

The deal would net Schwab roughly $100 billion in new assets.

Advisers scramble to help retirees navigate looming Fed rate cut

The Fed's first interest-rate cut in a decade has advisers warning against chasing the bait of risk over safety.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print