People moves
Wells Fargo
The San Francisco-based bank has appointed Julia Wellborn as head of private wealth management.
In this role, Wellborn will lead Wells Fargo subsidiaries, the Private Bank and Abbot Downing.
He has more than 25 years of experience in the financial services industry and was most recently head of wealth management at Comerica Bank.
She currently is based in Dallas and will relocate to New York City.
Magnus Financial Group
Ron Deutsch and Rhonda Pohl have joined the investment advisory firm as a managing director and director of client relations, respectively.
Deutsch, who is also a member of the wealth management advisory team, held positions at Dynasty Financial, Lebenthal Asset Management and Sage Capital.
Pohl specialises in client relations and is responsible for providing client service and operations management.
Before joining Magnus, Pohl served as vice president at Dynasty Financial Partners.
Capital Dynamics
The independent global private asset management firm has named Hina Ahmad as chief operating officer.
Ahmad will oversee Capital Dynamics’ business operations and corporate infrastructure and will report to the firm’s chief executive, Martin Hahn.
She has served as Capital Dynamics’ global compliance officer and US general counsel since January 2014.
M&A
Charles Schwab
The financial services giant has agreed to buy the investment management arm of USAA.
The companies have also agreed to enter into a long-term referral agreement, effective at closing of the acquisition, that would make Schwab the exclusive wealth management and brokerage provider for USAA members.
The deal is expected to close during 2020, subject to customary regulatory approvals and conditions.
The financial terms of the acquisition were not disclosed.
Wealth Enhancement Group
The independent wealth management firm has acquired Planning Solutions Group, a hybrid financial advisory business based in Maryland.
The financial terms of the deal were not disclosed.
Planning Solutions Group has more than $1.3bn (£1.04bn, €1.17bn) in combined client assets.
The acquisition marks Wealth Enhancement Group’s first office in the Baltimore/Washington DC area.
It is the firm’s 12th purchase since the end of 2013.
New business
Holdun Family Office
The firm has opened an office in Miami, Florida. This is its first venture in the US, which joins operations in Montreal, Bahamas and the Cayman Islands.
It offers family office, wealth management, trust and corporate, and concierge services on a digital financial platform.
Joining Holdun Family Office in Miami will be a team of professionals with over 100 years of banking experience including:
- Michael Blank – president;
- Giuseppe Mazzeo – chief investment officer;
- Marc Bonorino – head of global compliance;
- Ileana Torruella – senior relationship manager; and
- Adilia Lugo as senior relationship manager.
Austin Private Wealth (APW)
The Texas-based financial advisory firm has received approval from the Securities and Exchange Commission to become a registered investment adviser (RIA).
It was founded in 2006 by co-managing partners Dan Kraus and Raoul Celerier.
The firm provides wealth management services to individuals and families and will remain in its current offices in Austin and Corpus Christi.
CJM Wealth Management
The independent New York-based RIA has opened its business advisory solutions division.
It is a branch of the wealth management firm that aims to help business owners reduce their overhead expenses, taxes, and exposure to risk.
Product launches
Morgan Stanley
The US bank has launched a wealth management digital collaboration product, which allows encrypted document sharing between clients and financial advisers.
The platform is powered by cloud content management provider Box (BOX)
Through this partnership, Morgan Stanley Wealth Management will be utilising Box’s cloud content management capabilities, including Box Platform, Box KeySafe and Box Governance.
Morgan Stanley’s ‘Digital Vault’ provides an encrypted repository for clients to store and share life documents, such as wills, deeds, estate plans, financial statements and tax filings with their financial advisers.
This solution offers an additional layer of encryption not offered through email, and also supports two-way sharing.
Key features of the platform include:
- Client document upload and access through Morgan Stanley Online and the Morgan Stanley Mobile App;
- Notifications when content is uploaded for both clients and financial advisers; and
- Interactive commentary.
Stonebridge Wealth Management
The Nashville-based wealth manager has partnered with the Association of International Certified Professional Accountants (AICPA) to unveil a programme of joint quarterly webinars to address the needs of professional athletes and entertainers.
The firm carried out its first session in June on tax, which included the following issues:
- Recognise multi-state income tax issues;
- Identify the potential tax impacts based on an athlete’s draft position;
- Determine how the changes in the Tax Cuts and Jobs Act impact professional athletes; and
- Recognise the taxation issues for individuals living abroad and foreign nationals living in the US.
Future webinars will focus on such topics as:
- Advanced planning;
- Wealth enhancement;
- Estate planning;
- Asset protection;
- Practice growth and client retention; and
- Blockchain technology and cryptocurrencies.
