A Chicago-based team of financial advisors led by the father-son duo of Michael and Benjamin Cohen has departed Raymond James to form a new registered investment advisor, dubbed Cohen Capital Advisors.
Regulatory filings show the 10-person team will custody with Schwab and Fidelity. While at Raymond James, they amassed a total of $1 billion in assets under management and specialized in serving a high-net-worth clientele, according to Forbes’ latest Best In State Wealth Advisors listing.
Departing team members joining the Cohens include John Crain, financial advisor; Erika Wolek, senior vice president, financial planning; James Appel, senior vice president, investments; John Postel, managing director, investments; Molly Dierks, managing director and chief operating officer; Camille Johnson, senior client service associate; Matt Tienda, senior client service association; and Sara Munoz, operations specialist.
A frequently asked questions section on the firm’s new website states that the firm is undergoing the transition in the interest of upgrading the infrastructure that supports its clients.
“By operating independently, we can choose best-in-class custodial and technology partners, improve reporting and planning capabilities, and remove platform constraints — all while keeping your relationship and strategy exactly the same,” the website states.
The firm could not immediately be reached for comment.
The news was first reported by WealthManagement.com.
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