Brokers managing $425 million exit Wells Fargo to form RIA

JGP Wealth Management in Portland, Ore., partners with Fidelity.
MAR 06, 2018

A group of brokers who managed more than $425 million at Wells Fargo Advisors in Portland, Ore., have left the firm to form JGP Wealth Management, an independent registered investment advisory, which will be headquartered in Portland. The firm is led by Jeff Paustian and Kevin Sanger. The six other professionals on their team at Wells Fargo joined them in the move. JGP Wealth Management has formed a strategic relationship with Fidelity Clearing & Custody Solutions, which will act as the primary custodian for client investment assets. JGP will continue to serve a select group of affluent families around the United States. Mr. Paustian began his securities career in 1993 at Merrill Lynch and moved to First Union Securities, a predecessor of Wells Fargo, in 2001. Mr. Sanger, who began his career at Merrill Lynch in 1996, met Mr. Paustian there and moved with him in 2001 to what is now Wells Fargo. "We look forward to working with the team at JGP Wealth Management as they strive to take their firm to the next level," said David Canter, head of the RIA segment at Fidelity Clearing & Custody Solutions. "JGP's client-focused approach and innovative thinking will be key to their success as a 'future-ready' firm, and I'm excited to welcome them as they begin that journey." JGP will also use eMoney Advisor financial planning software. "The technology and collaborative tools available in the independent RIA space are years ahead of much of the industry, and we are excited about harnessing that to bring customized solutions to our clients," said senior financial adviser Joe Gross.

Latest News

Federal judge dismisses Eltek manipulation lawsuit against Morgan Stanley Smith Barney
Federal judge dismisses Eltek manipulation lawsuit against Morgan Stanley Smith Barney

Nine-month electronic trading freeze and share lending program at the center of dismissed claim.

RIA wrap: Dynamic strikes South Carolina deal to reach $7B AUM milestone
RIA wrap: Dynamic strikes South Carolina deal to reach $7B AUM milestone

Meanwhile, Rossby Financial's leadership buildout rolls on with a new COO appointment as Balefire Wealth welcomes a distinguished retirement specialist to its national network.

Rethinking diversification amid a concentrated S&P 500
Rethinking diversification amid a concentrated S&P 500

With a smaller group of companies driving stock market performance, advisors must work more intentionally to manage concentration risks within client portfolios.

Merrill pays second settlement to former Miami Dolphins player, client of ex-broker
Merrill pays second settlement to former Miami Dolphins player, client of ex-broker

Professional athletes are often targets of scam artists and are particularly vulnerable to fraud.

Schwab touts AI as its biggest growth lever at investor day
Schwab touts AI as its biggest growth lever at investor day

The brokerage giant tells Wall Street it will use artificial intelligence to reach clients it has never been able to serve — and turn the technology's perceived threat into a competitive edge.

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

SPONSORED Durability over scale: What actually defines a great advisory firm

Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline