What You Need to Know
- The new RIA's team members previously advised on almost $6 billion in client assets.
- Fidelis Capital serves just under 200 families and custodies with Fidelity.
- Fidelis Capital's teams are based in Dallas and Tampa, Florida.
Several Wells Fargo and Bank of America veterans have teamed up to launch Fidelis Capital, an advisor-owned RIA whose team members previously advised on almost $6 billion in client assets, the new firm said Monday.
The goal of Fidelis Capital is to provide clients with a “superior private banking experience by surrounding clients with a diverse team of financial specialists who get to know each client personally in order to best provide for their financial needs,” the company said in a news release.
Fidelis Capital serves just under 200 families, custodies with Fidelity and its teams are based in Dallas and Tampa, Florida.
“Fidelity’s commitment to working with us in developing a best in class client experience along with asset security, especially in the cyber area, was a differentiator,” Maxwell Smith, Fidelis Capital chief operating officer, told ThinkAdvisor on Tuesday.
The new firm’s team of former rivals “deliver a tailored suite of services to each client, providing access to experts in areas such as investment and specialty asset management, business transition advisory services, wealth, estate, and tax planning, personal risk management, bill pay and reporting, and fiduciary lending services,” Fidelis Capital said.
Explaining why the one-time rivals decided to join forces and start Fidelis Capital now specifically, Fidelis Capital CEO Rick Simonetti said: “A few years ago, the private banking model started changing and decentralizing resources; they still offered access to specialists, but these specialists were no longer local, or they were phased out.”
It is “our aim to revive the client experience and surround our clients with a group of specialists that are experts in key areas of financial planning and that know the clients personally,” he added.
Simonetti spent 22 years as senior managing director of the Southern region, as well as national head of wealth planning at Wells Fargo Private Wealth Management. He started his career in 1988 at Deloitte as a senior tax specialist and spent 11 years there, and then joined Wells Fargo, where he spent 22 years, according to his LinkedIn profile.