Ex-Wirehouse Luminary Bob Matthews Leaves FieldPoint Private
(Story updated with comment from Fieldpoint official in fourth paragraph.)
Robert Matthews, a longtime Smith Barney executive who had led wealth management boutique Fieldpoint Private since 2010, left the Connecticut-based firm on Thursday.
“I am no longer president and CEO, and am looking forward to my next chapter,” Matthews, 59, said in a brief interview on Friday. “There were no problems or smoking guns.”
Michael White, Fieldpoint’s chief marketing officer, said the firm has not yet named a replacement for Matthews, and declined as a matter of firm policy to discuss the departure. “Bob was certainly an admired colleague, and we wish him the best,” he said.
Like many of the 25 advisors at Fieldpoint, White is a Smith Barney alumnus.
Matthews spent the bulk of his 35-year brokerage career with that firm, joining predecessor Lehman Brothers in 1983 and rising to become a branch manager, regional director and ultimately head of Smith Barney’s northeast division. When he left in mid-2008, a few months before Smith Barney was funneled into Morgan Stanley, he led Citigroup Global Wealth Advisory Services overseeing “thousands of professionals and a $120-billion balance sheet,” according to his Fieldpoint biography.
The firm’s client assets increased by 300% during Matthews tenure, it said. Among the advisors listed on Fieldpoint’s website are several of his former colleagues at Smith Barney, including Robert McCabe, who joined this summer in Palm Beach, Fla.
“There is a fabulous collection of people at Fieldpoint who I’m going to miss,” Matthews said.
The firm’s founders and directors were impatient with Fieldpoint’s low profile, however, and considered its growth sluggish, according to some outsiders. It manages under $5 billion of client assets.
Fieldpoint also has lost some advisors, including the departure in May of David Zoll and Sarah Pifer. They were managing about $400 million and joined a HighTower-affiliated advisory firm led by former J.P. Morgan Securities advisor Richard Saperstein.