Jack Ginter, former president of Abbot Downing, a business of Wells Fargo, has left the wirehouse to create Callan Family Office, an independent wealth management firm that will provide high-touch and customized services for ultra-high-net-worth families, foundations and endowments, akin to those found at a large private bank.
Amy Jucoski, former Abbot Downing senior director of planning and former senior director of advice for the Eastern and Northeast divisions of Wells Fargo Private Bank, will join the firm as head of legacy and wealth planning and founding partner.
The team has formed a strategic partnership with Callan LLC, an investment consulting firm to institutional and investment advisor clients, to use the Callan name as well as its industry research, education and institutional-quality investment guidance. The firm has its own SEC registration, ownership and management, separate from Callan LLC.
“There have been a lot of changes in the wealth management industry in the past decade as the large banks and brokerages have reprioritized their focus away from this space, presenting an opportunity for a new entrant,” said Ginter, who will serve as CEO.
“We know from years of experience that ultra-high-net-worth families, foundations and endowments need a level of service and customization that goes well beyond what is required by high-net-worth and mass affluent clients,” he said. “After looking at the entire wealth management universe it became obvious that what we were looking for simply didn’t exist, not at the big banks and brokerages, not in the independent space. After a lot of due diligence and research, we decided to build it ourselves.”
The firm currently does not have any assets under management, but Ginter said they will target UHNW families, family offices, and foundations and endowments with at least $50 million in investible assets. Schwab Family Office will custody client assets. MarketCounsel provided the legal counsel and breakaway services to the team.
Ginter said his team decided to break away because “Wells Fargo decided to move in a different direction in step with some other changes the organization was implementing.” Last year, the wirehouse shed the Abbot Downing name and moved the business under the Wells Fargo Private Bank brand.
“Ultimately, we decided to go independent because we believe sophisticated, ultra-high-net-worth clients can benefit from being with a focused firm,” he said, in an emailed response to questions. “As an independent family office, we believe we are at the forefront of the wealth management industry’s evolution.”
Callan Family Office will provide institutional investment management and research across global asset classes, legacy and wealth planning, family governance and education, administrative services, trust and fiduciary services, and private banking.
Ginter said the new firm will have a competitive advantage over banks and brokerages in this space, given the firm’s flexibility, responsiveness and fee-only fiduciary approach.
“As an independent firm, we offer clients a completely open architecture approach to deliver a custom experience that will uniquely meet their specific needs,” he said. “Additionally, Callan Family Office offers a wide range of solutions that assist in creating comprehensive financial plans and investment portfolios as well as devising strategies for preserving and transferring wealth. This includes access to investment insight, research and expertise from our alliance with Callan.”