A four-member advisory team from Wells Fargo managing $331 million in client assets in the Villages, Fla., has left that firm to join the broker-dealer Raymond James & Associates. The advisors will operate as Precision Wealth Management of Raymond James.
The team serves a variety of clients, including high-net-worth individuals, business owners and retirees.
The Villages, located in Sumter County, is home to a large planned retiree community with restaurants, shopping and golf courses. Between 2010 and 2017, it was the fastest-growing metropolitan area in the United States, according to U.S. Census data, growing 32.8 percent from 94,279 in 2010, to 125,165 in 2017.
As fast as the Villages has been growing, so have the number of financial advisors and planners opening for business there. Marc Hallick, Precision’s managing director and senior vice president of wealth management, was raised up the road in Ocala.
To stand out in the crowd, Hallick said he and his associates market their services as a one-stop shopping experience for financial planning.
“We offer a full range of wealth management services, including in-house discretionary money management, interest planning, credit analysis, even banking,” Hallick said in an interview with Financial Advisor. “Whatever financial needs our clients have, we try to be that person.”
According to Hallick, although residents from northern U.S. states continue to retire to the Villages, just as they did since its founding in the 1960s, locals that grew up in the area and earned a living in the area have begun retiring there, too.
“The majority of our clients are retirees because that’s the demographic here,” he said. “But the Villages have been a huge generator of wealth, from contractors to other professionals. Sumter County used to be one of the poorest counties in the state. Now it’s grown to be one of the wealthiest.”
Besides Hallick, the team includes Romain Spell, Tyler Jackson and Andrea Patrick.
Hallick began his financial services career in 2003 with Morgan Stanley and then moved to Wachovia in 2005, which became Wells Fargo. Spell, first vice president, wealth management, began his financial advisory career with Edward Jones and moved to Wells Fargo in 2014.