Angeles Investment Advisors and Jonathan Foster on Wednesday announced the launch of registered investment advisor Angeles Wealth Management, which will focus on serving high net worth and ultra high net worth clients.

Foster, formerly president of Omaha, Neb.-based Carson Wealth Management Group and head of E-Trade Wealth Management, will direct all aspects of the new RIA firm’s development in assuming the role of president and CEO.

Professionals at Angeles Investment Advisors, which is based in Santa Monica, Calif., and consults on approximately $40 billion in assets, will provide investment solutions and support to the new RIA. Angeles is an independent firm with 53 clients, owned by seven of its employees, and has no corporate parent. 

Leslie Kautz, Howard Perlow and Michael Rosen founded Angeles in 2001 and are all active with the firm. Previously, Kautz and Perlow were founding principals and owners of Asset Strategy Consulting. Rosen joined Asset Strategy Consulting in 1997 and became a partner in the firm. 

The new RIA firm plans to grow by hiring breakaway brokers “looking to build upon an exceptional brand,” said an Angeles news release.

Angeles is in the process of speaking with a number of advisors and teams, “but none have yet joined Angeles Wealth Management, as we have only recently opened for business,” Foster said in an email. “So far we have talked with advisors from wirehouses, RIAs, private banks and trust companies.  For obvious reasons, we cannot disclose the names of who we are talking to nor their firms.”

David DeVoe, managing partner of DeVoe & Co., commented that the wirehouse advisor exodus trend is unstoppable, and it is accelerating. “These advisors are highly sophisticated consumers, looking for the best platforms to serve and grow their clientele,” DeVoe said in a statement. Formerly the long-time managing director of strategic business development at Charles Schwab’s RIA custody unit, DeVoe left Schwab Advisor Services to form DeVoe & Co. last year.

“Jon’s experience in growing wealth management organizations, combined with the intellectual capital of a $40 billion exceptional investment advisor, is a pretty powerful option for advisors on the move,” DeVoe said.

According to the company release announcing the RIA’s launch, Angeles Wealth Management will seek to grow both organically “and by hiring a select team of client advisors for whom the model offers an attractive alternative to the typical wirehouse or RIA offering.”

Angeles Wealth, which is looking for advisors, “will offer a highly competitive compensation package, and will work proactively to drive managed assets into the business, and to its advisors,” the release said.

Foster called Angeles Wealth Management “anything but a typical start-up RIA” in a statement. He added that his first introduction to Angeles Investment Advisors was as a client via two institutional investment boards on which he served.

“We are coming out of the gates associated with a very special brand, and really for the first time, wealthy individuals and families will have access to the exceptional investment process that has made Angeles Investment Advisors so trusted,” Foster said. 

Read more about Jonathan Foster at AdvisorOne.com