Fieldpoint Hires $1.2-Billion-Asset BofA Private Bank Team in Florida
Fieldpoint Private has hired a Bank of America Private Bank (formerly U.S. Trust) team in Florida that was overseeing $1.2 billion in client assets to join the wealth management boutique.
For Fieldpoint, founded and funded in 2008 by former CEOs of Merrill Lynch, PaineWebber and other name-brand firms, the hires reverse some recent turmoil. In December, Chief Executive Robert Mathews left without explanation. A two-person team of New York advisors departed in May to join a HighTower group, leaving Fieldpoint with just 25 advisors.
The team spent almost two years of due diligence with “big traditional firms,” regional brokerages and independent firms, Gibson said in an interview, and was on the verge of launching an independent registered investment advisory firm when a headhunter called about Fieldpoint.
“We had already identified the custodians we wanted to use,” he said, and were close to signing up an “outsourced compliance officer” and legal counsel. “We were very far along.”
He declined to detail terms of Fieldpoint’s offer, but said it provided a refreshing alternative to traditional firms—”the absence of conflict between the client and the institution and robust technology”—and relieved the team’s concerns about contending on their own with overhead, compliance and other business issues.
A lot of advisors are actively considering independence, but the closer they get the more clearly they see the burdens,” Christopher DeLaura, head of private banking and advisory at Fieldpoint, said in a prepared statement.
Angle began his brokerage career in 2009 with Sanford C. Bernstein & Co., and joined U.S. Trust in 2013. A graduate of the U.S. Military Academy, he served eight years as a captain and Blackhawk helicopter pilot, with deployments in Kosovo, Iraq and South Korea.
Gibson, who began his career as an investment consultant at Charles Schwab in 2000, worked at U.S. Trust for the last 15 years, primarily as a portfolio manager.
Cole, a lawyer, was a senior trust officer during her 13 years with Bank of America. She is in the process of preparing to take their investment advisor exams, a Fieldpoint spokesman said.
The Greenwich, Connecticut-based firm, recently named board chairman Timothy Tully to succeed Matthews as president and chief executive, a company spokesman said. Fieldpoint’s 93 employees include 28 advisors managing about $4.3 billion in client assets.