A group of private bankers who advised on almost $6 billion in assets at the private banking arms of Wells Fargo and Bank of America have formed Fidelis Capital, an adviser-owned registered investment advisory firm with teams in Tampa, Florida, and Dallas.
Neale Ellis, the firm’s founding partner and co-chief investment officer, was formerly a managing director and senior portfolio manager at Bank of America Private Bank, formerly US Trust, where he helped found and co-manage the firm’s managed active core portfolio for nine years.
"In the past few years, the private banking model has changed drastically," Ellis said in a statement. "With the launch of Fidelis Capital, we are on a mission to revive the access to a team of experts and give ultra-high-net-worth families, institutions, and other private banking clients the kind of team that can manage not some, but all of their financial matters, giving them back what money can't buy — time!"
Rick Simonetti, the firm’s chief executive, spent 22 years at Wells Fargo Private Wealth Management,
The firm’s adviser team is led by Matthew Michaels, a top-ranked portfolio managers at Wells Fargo, and Paul Ayotte, who spent 18 years at Wells Fargo Private Bank as a wealth adviser.
Most firms place a limit on advisors’ sales of alternative investments to clients in the neighborhood of 10% a customer’s net worth.
Those jumping ship include women advisors and breakaways.
Firms in New York and Arizona are the latest additions to the mega-RIA.
The agent, Todd Bernstein, 67, has been charged with four counts of insurance fraud linked to allegedly switching clients from one set of annuities to another.
“While harm certainly occurred, it was not the cataclysmic harm that can justify a nearly half billion-dollar award to the State,” Justice Peter Moulton wrote, while Trump will face limits in his ability to do business in New York.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
