Advisers with $350M in AUM leave bank to form RIA

Four financial advisers who collectively advised $350 million in assets under management have joined Arbor Trust Wealth Advisors in Ann Arbor, Mich., after working together for seven years at United Bank & Trust. The new independent advisory firm, which launched Tuesday, includes Gary Haapala, Carol Sewell, Charles Waterhouse and James Winslow. “Being fully independent allows us to put that experience to work and really ensure that the needs of our clients are met and served to the best of our ability from a fiduciary perspective,” said Mr. Haapala. He said making the move will give him and his partners the ability to be transparent and to serve clients without the bureaucracy of a large organization. According to Mr. Haapala, the new firm hopes to end the year with more than $125 million in AUM, followed by $280 million-$290 million in AUM by the end of 2015 and $340 million-$350 million in AUM by the end of 2016. He said the partners plan to grow by signing up some of their existing clients as well as natural growth. They have partnered with Dynasty Financial Partners for their transition and growth plans.