There's a new independent registered investment advisory in Portland, Ore.--and not coincidentally, Wells Fargo Advisors has lost another firm.
JGP Wealth Management, a firm with $430 million in assets under management, announced Monday that it is now an independent RIA. The firm has broken ties with Wells Fargo Advisors and tapped Fidelity Clearing & Custody Solutions as its primary custodian for client investment assets, according to the firm’s release.
“As we explored the numerous options for serving clients, we realized that the independent registered investment advisor platform holds an advantage,” said Jeff Paustian, CEO of JGP Wealth, in the firm’s release. “This is an era of transparency, collaborative technology, vast investment options and customized solutions.”
Paustian could not comment on why JGP Wealth Management left Wells Fargo. However, JGP senior financial advisor Joe Gross said in the release that technology and collaborative tools like eMoney Advisor software in the independent RIA space were ahead of much of the industry.
“We are excited about harnessing that to bring customized solutions to our clients,” Gross said.