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

Advisers with $350M in AUM leave bank to form RIA
Team worked together at United Bank & Trust for seven years.
AUG 04, 2014
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.

Latest News

Is Wall Street's AI risk analysis right for RIA portfolios?
Is Wall Street's AI risk analysis right for RIA portfolios?

Anthropic's Millennium partnership moves AI from reactive tool to proactive risk monitor — but other wealth tech leaders question its fit for RIA practices.

AI is resetting trust in wealth services, says Advisor360's new CEO
AI is resetting trust in wealth services, says Advisor360's new CEO

Milind Mehere offers perspective on why ambient AI, not smarter models, will define the next decade of wealth tech.

Ex-indy rep turned phony finfluencer gets two years in prison
Ex-indy rep turned phony finfluencer gets two years in prison

Kenneth Thom, 42, reinvented himself as a finfluencer known as “K Money.”

Trump sued over Truth Social's paid early-access data feed
Trump sued over Truth Social's paid early-access data feed

A press-freedom lawsuit filed in Manhattan challenges the president's $100,000-a-month Truth API service used by trading firms.

Zero-fee IRAs quietly cost savers up to $1,400 a year, PensionBee study finds
Zero-fee IRAs quietly cost savers up to $1,400 a year, PensionBee study finds

Research reveals six hidden costs inside "zero-fee" IRAs, with one investment mistake potentially amounting to $170,000 over a 30-year period.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income