Advisers find shelter from vax mandates at Christian RIA

Advisers find shelter from vax mandates at Christian RIA
Inspire Advisors recruits a $250 million duo from Financial Engines with promise that it will never require vaccines.
JAN 04, 2022

Vaccine mandates were the driving force in the decision by two Columbus, Ohio, financial advisers to switch firms last month.

Drew Lehman and Matt Bonito, who combined manage $250 million in client assets, moved from Financial Engines Advisors to Inspire Advisors to better serve clients “without any push from corporate bureaucracy that they might be uneasy with,” said Robert Netzly, CEO at Inspire.

“As the mandates roll out, it has caused a lot of concern and risk for advisers at these firms,” Netzly said. “Medical freedom is important to these people; they have aversions to vaccines.”

Founded in 2015, Inspire is a $2 billion registered investment adviser marketed as offering Biblically responsible investing from Christian advisers.

“We do not require vaccines and we never will,” he said.

According to the announcement, Bonito and Lehman joined Inspire at the end of 2021 and represented the RIA’s third acquisition last year.

Netzly said the firm’s assets under management nearly doubled in 2021, mostly due to new clients.

“More and more Christians are feeling unwelcome in the woke culture of secular investing firms and are leaving to spend their professional energy contributing to a firm that supports their biblical values rather than attacks biblical values,” he said. "We are honored to protect the inalienable rights of religion and conscience for our Christian financial advisers as we work together to inspire transformation for God’s glory throughout the world with biblically responsible ESG investing and planning advice.”

Bonito, whose career in wealth management dates to 2004, according to public filings, was with Financial Engines for three years.

“My conscience was telling me that I needed to find a firm that upheld morals, values, and principles that come from the Bible,” Bonito said in a prepared statement.

“However, the straw that broke the camel’s back for me was the possible vaccine mandate,” he added. “I have already had Covid and have a T-Cell immunity report, but these were looking like they would not have been considered by my previous firm.”

Lehman, whose career in wealth management dates to 2010, also spent three years at Financial Engines.

“I’m very excited about the fact that I’m on a team that is committed to advancing the Kingdom in addition to putting our clients’ interests and values first,” Lehman said in the statement.

Financial Engines did not immediately respond to a request for comment.

Latest News

Farther debuts AI investment proposal tool for advisors to win clients
Farther debuts AI investment proposal tool for advisors to win clients

"Im glad to see that from a regulatory perspective, we're going to get the ability to show we're responsible [...] we'll have a little bit more freedom to innovate," Farther co-founder Brad Genser told InvestmentNews.

Barred ex-Merrill Lynch advisor arrested in alleged $2.6M theft of former Miami Dolphin Pro Bowler
Barred ex-Merrill Lynch advisor arrested in alleged $2.6M theft of former Miami Dolphin Pro Bowler

Former advisor Isaiah Williams allegedly used the stolen funds from ex-Dolphins defensive safety Reshad Jones for numerous personal expenses, according to police and court records.

Are you optimally efficient?
Are you optimally efficient?

Taking a systematic approach to three key practice areas can help advisors gain confidence, get back time, and increase their opportunities.

Advisor moves: Father-son duo leaves Raymond James for LPL, RayJay adds Merrill Lynch alum in Florida
Advisor moves: Father-son duo leaves Raymond James for LPL, RayJay adds Merrill Lynch alum in Florida

Meanwhile, Osaic lures a high-net-worth advisor from Commonwealth in the Pacific Northwest.

Beacon Pointe adds six RIAs in two-month acquisition spree, boosting AUM by $2.7B
Beacon Pointe adds six RIAs in two-month acquisition spree, boosting AUM by $2.7B

The deals, which include its first stake in Ohio, push the national women-led firm up to $47 billion in assets.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

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.