Former Wells Fargo, BoA private bankers launch wealth management firm Fidelis Capital
A group of former Wells Fargo and Bank of America private banking execs have launched a new wealth management firm in the US, Fidelis Capital.
The new advisor-owned firm is set to bring together more than 200 years of collective private banking experience from financial specialists who have advised on nearly $6 billion in client assets at their former employers.
Fidelis has teams based in Florida and Texas and intends to cater to high-net-worth individuals, providing personalised access to experts on investment and asset management; wealth, estate and tax planning; and personal risk management, among other services.
Fidelis Capital co-founder and co-chief investment officer Neale Ellis says the private banking model “has changed drastically” over the past few years. The new firm’s mission, Ellis says, is to “give ultra-high-net-worth families, institutions and other private banking clients the kind of team that can manage not some, but all of their financial matters”.
The Dallas, Texas office will be operated by Ellis, formerly of Bank of America, and Fidelis president Matthew Ellis, formerly of Wells Fargo.
The Tampa, Florida office will be led by Matthew Michaels, a financial services veteran with 25 years’ worth of experience, and Paul Ayotte, both formerly of Wells Fargo.
Fidelis CEO Rick Simonetti spent 22 years as senior managing director of the southern region and national head of wealth planning at Wells Fargo Private Wealth Management.