The head of Forge, a family office group owned by Fidelity Investments' parent company, has left her position as the competition among money managers targeting ultra-wealthy investors continues to rise.
As per a report by Bloomberg, Jennifer Richardson, who has led Forge since 2022, is now working as a freelance coach for executives and family offices, according to her LinkedIn profile. Richardson's departure caps off a lengthy chapter of her career that started when she first joined Forge as a consultant nearly a decade ago.
The news outlet quoted an automated response from her email, in which she stated that “Fidelity has decided to go in a different strategic direction with the leadership of Community.” Further inquiries were directed to a senior Forge staff member.
Fidelity intends to announce a new head for Forge in the coming months, spokesperson Anjelica DePhillis reportedly told Bloomberg. The incoming executive will also manage Finteract, a related community for financial advisory professionals. Forge, which focuses on single-family offices – private firms managing the wealth of ultra-high-net-worth individuals – currently has more than 1,700 members.
The community was forged, as it were, from a 2011 invitation by Fidelity to convene a small group of family office executives to meet. That group of eight executives became the nucleus for what woudl eventually become an immense platform for industry research, idea exchange, and networking, with members being held to strict confidentiality guidelines and agreements against soliciting investments from one another.
While the network has allowed Fidelity to establish a foothold in the family office space over the last decade, that early lead is being challenged as financial giants such as Apollo Global Management and JPMorgan Chase look to muscle into the territory.
One report by Deloitte estimates ultra-rich families will grow into a $9.5 trillion market by 2030, a 73% surge from the $5.5 trillion that managers representing the uber-wealthy currently control.
Richardson, who previously held business development roles at Carlson Wagonlit Travel and WebMD, had overseen both Forge and Finteract since late 2023.
Osaic-owned CW Advisors has added more than $500 million to reach $14.5 billion in AUM, while Apella's latest deal brings more than $1 billion in new client assets.
The up-and-coming Los Angeles-based RIA is looking to tap Merchant's resources to strengthen its alts distribution, advisor recruitment, and family office services.
US wealth advisory business will get international footprint boost with new tie-ups.
New research shows physicians start their careers at least $200K in debt.
By listening for what truly matters and where clients want to make a difference, advisors can avoid politics and help build more personal strategies.
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.
