$4.5B BofA Private Bank Team Leaves for Fidelis Capital
A wealth management team at Bank of America that advised on $4.5 billion in client assets departed to join Tampa-based Fidelis Capital, an independent wealth management firm founded a year ago by ex-Wells Fargo and Bank of America advisors.
The team, which left Bank of America because they were “frustrated by the constant turnover and inability to provide solutions,” includes Christopher Tate, wealth strategist; Michael Sellers, portfolio manager; Benjamin Hilyard, fiduciary specialist; Aaron Wall, portfolio. The team will be located in Washington, D.C.
“Fidelis Capital operates as an outsourced family office, which will provide tremendous value and support as we strive to help clients navigate financial complexity in their lives,” said Christopher F. Tate, J.D., Partner, Wealth Strategist, Fidelis Capital.
The team is one of the largest in recent history to leave a wirehouse to pursue independence. In May, a five-person team with approximately $1 billion in assets left First Republic for Lido Advisors after it was announced the troubled bank would be acquired by JPMorgan Chase, and a three-person team with approximately $1 billion left Signature Bank for Atria’s Cadaret Grant after Signature was acquired by New York Community Bancorp’s Flagstar Bank following its failure.
