Marketing Info

Wells Fargo spun off to launch Family Office under the Colon name

Jack Ginter, the former chairman of Abbot Downing, a Wells Fargo business, has left the wirehouse to form Colon Family Office, an independent wealth management firm that will provide high-touch and customized services for ultra-high-net-worth families, foundations . and endowments, similar to those found in a large private bank.

Amy Zukowski, former Abbot Downing senior director of planning and former senior director of advice for Wells Fargo Private Bank’s Eastern and Northeast divisions, will join the firm as head of legacy and wealth planning and founding partner.

The team has formed a strategic partnership with Callan LLC, an investment consulting firm for institutional and investment advisory clients, to access the Callan name as well as its industry research, education and institutional-quality investment guidance. The firm has its own SEC registration, ownership and management, separate from Colon LLC.

“There have been a lot of changes in the wealth management industry in the last decade because” Large banks and brokerages have shifted their focus from this space, presenting an opportunity for a new entrant,” said Ginter, who will serve as CEO.

“We know from years of experience that ultra-high-net-worth families, foundations and endowments require a level of service and customization that is required for high-net-worth and largely affluent clients. ” “After looking at the entire wealth management universe it became clear that what we were looking for simply did not exist, not in the big banks and brokerages, not in the independent space. After a lot of hard work and research, we made it our own. decided to.”

The firm currently has no assets under management, but Ginter said they will target ultra-high-net-worth families, family offices and foundations and endowments with at least $50 million in investable assets. The Schwab Family Office will keep the client’s property in custody. MarketConsel provided legal advice and various services to the team.

Ginter said his team decided to part ways because “Wells Fargo decided to move in a different direction in step with some other changes that the organization was implementing.” Last year, Wirehouse dropped the Abbott Downing name and moved the business under the Wells Fargo Private Bank brand.

“Ultimately, we decided to go independent because we believe sophisticated, ultra-high-net-worth clients can benefit from being with a focused firm,” he said in response to an emailed question. “As an independent family office, we believe that we are at the forefront of the development of the wealth management industry.”

The Callan Family Office will provide institutional investment management and research in global asset classes, heritage and wealth planning, family administration and education, administrative services, trust and fiduciary services, and private banking.

Ginter said the firm’s flexibility, accountability and fee-only fiduciary approach will give the new firm a competitive advantage over banks and brokerages in the region.

“As an independent firm, we offer a completely open architectural approach to providing clients with a custom experience that will uniquely meet their specific needs,” he said. “Additionally, Colon Family Office offers a wide range of solutions that assist in creating comprehensive financial plans and investment portfolios, as well as strategies for conserving and transferring wealth. This includes investments from our alliance with Colon. Includes access to insight, research and expertise.”

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