Two former Fieldpoint Private advisors have reunited under New York City-based hybrid RIA Snowden Lane Partners, taking leadership positions with the firm and forming a team overseeing approximately $360 million in client assets.
Snowden Lane announced that Al Jacobi has joined the firm as senior partner and managing director, after leaving a leadership position with Fieldpoint Private. He will become one half of the newly formed Jacobi-Hakala Group along with Tom Hakala, who joined Snowden Lane as partner and managing director in July. Both men held senior positions at Fieldpoint and Wilmington Trust before joining Snowden Lane and have worked together for two decades.
They are the fifth wealth management team to join the rapidly growing boutique firm since mid-April.
“Al and Tom have proven they are experts in the high-net-worth space, and they will fit perfectly into Snowden Lane’s culture,” Snowden Lane President and COO Greg Franks said in a statement. “I’m looking forward to watching them collaborate again, and if their history working together is any indication, they will have an outstanding impact at our firm. I’m excited to officially welcome them to the team.”
“We deeply admire Fieldpoint Private, hence our enthusiasm when it became clear The Jacobi-Hakala Group would be joining our firm,” added Snowden Lane Chairman Lyle LaMothe.
Jacobi is the third advisor to join Snowden Lane from Fieldpoint, which has seen the departure of numerous advisors following the collapse of a deal announced earlier this year under which the Merchant Investment Management-backed Summit Financial would have acquired Fieldpoint's $1.5 billion investment advisory arm.
Jacobi, who is a CFA and member of the New York Society of Securities Analysts and the Association of Investment Management and Research, has decades of experience working with investment professionals and high-net-worth families to develop customized client portfolios.
“I’m thrilled to be joining Snowden Lane alongside Tom, as the firm has built a great reputation across the wealth management industry,” he said. “I know their established platform will allow me to continue offering clients the customizable financial solutions they deserve, while Snowden Lane’s culture and values align with my ultimate goal of providing objective, conflict-free wealth management advice.”
Hakala is an attorney, CPA and personal financial specialist with expertise in the design and implementation of financial strategies for HNW clientele. In addition to the years spent at Fieldpoint and Wilmington Trust, Hakala has also held positions with KPMG, UBS and PricewaterhouseCoopers.
“We are extremely grateful that Al and Tom chose Snowden Lane after evaluating a competitive recruiting environment,” said Snowden Lane CEO Rob Mooney. “We have always believed our independence, in addition to the personal attention we offer clients, would resonate across the RIA community. It’s very rewarding to see those beliefs hold true and we are humbled by the interest we have received this year.”
Since its founding in 2011, Snowden Lane has rapidly built a national brand, attracting top industry talent from Morgan Stanley, Merrill Lynch, UBS, JPMorgan, Raymond James, and Wells Fargo, among others.
After recruiting 13 advisors and more than $2 billion in client assets in 2021, Snowden Lane secured an expanded $50 million credit facility from Orix Corp. in June, enabling further recruitment efforts. Year-to-date, the firm has added nine advisors overseeing close to $1.2 billion in client assets.
Currently, Snowden Lane has 126 total employees, 72 of whom are financial advisors, managing approximately $9 billion in client assets across 12 offices in eight states.