$585M Wells Fargo team hops to Ohio-based RIA

$585M Wells Fargo team hops to Ohio-based RIA
Advising high-net-worth families and individuals, the two veterans are breaking away from the wirehouse giant to join the $2.5B independent.
MAY 07, 2024

An advisory practice in Connecticut has just broken away from Wells Fargo to join a growing RIA.

DayMark Wealth Partners, an Ohio-based RIA and Dynasty Financial partner firm, announced Tuesday that it has welcomed the Hofstetter Baron Group, which includes two elite advisors and one staff.

The Southport, Connecticut-based financial advisory team, previously with Wells Fargo Advisors, manages $585 million in client assets and will now operate as the Hofstetter Baron Group of DayMark Wealth Partners.

Prior to signing on the Hofstetter Baron Group, DayMark Wealth Partners reportedly managed $2.5 billion in assets.

With a practice based on delivering personalized financial guidance, the Hofstetter Baron Group specializes in advising high-net-worth families and individuals.

Their decision to join DayMark Wealth Partners stems from a desire to offer clients enhanced services through customized financial planning, individualized advice, and institutional-quality portfolio management.

Daniel Baron, co-founder of the Hofstetter Baron Group, highlighted how the evolution of the RIA space enables today’s elite advisors to go above and beyond for clients.

"Becoming truly independent, teaming with DayMark Wealth Partners and Dynasty Financial Partners, equips us to exceed expectations — especially when it comes to the in-depth planning our families require," Baron said in a statement.

Mike Quin, founder of DayMark Wealth Partners, said the Hofstetter Baron Group is just one example of his firm’s growing appeal to top-tier advisory teams.

"This reinforces something I’ve been saying here for a while: our firm and our model is a landing pad for elite teams and their clients," said Quin.

Shirl Penney, CEO of Dynasty Financial Partners, echoed Quin’s sentiment, highlighting Daymark’s model as one that “resonates with the largest and most ambitious breakaway advisors.”

While wirehouses are often painted as the big bads holding back elite advisors from providing client service, Penney has previously gone on the record with InvestmentNews to say inertia is the real enemy – and as long as it’s an industry reality, his firm will benefit.

“We feel we are still very much in the early innings of the independent wealth movement,” he said. “One of the beautiful things about the alignment in our business model is we get to live our American dream by empowering others to live theirs.”

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