New York City–based hybrid wealth advisory firm Snowden Lane Partners announced that veteran wealth advisor Tom Hakala has joined as partner and managing director.
With 30 years of wealth management experience, Hakala oversees $180 million in assets for high-net-worth families and individuals. He will join Snowden Lane at its New York City headquarters.
Prior to Snowden Lane, Hakala served as a managing director at Fieldpoint Private and Wilmington Trust. He is an attorney, CPA and personal financial specialist with expertise in the design and implementation of financial strategies for HNW clientele. Hakala has also held positions with KPMG, UBS and PricewaterhouseCoopers.
“We are excited to welcome Tom to Snowden Lane, as he is a proven expert in the high-net-worth space and a world-class advisor,” Snowden Lane Chairman Lyle LaMothe said in a statement. “I am continually humbled when high-quality advisors express interest in joining our team, and I know Tom will fit seamlessly into our firm’s culture.”
Hakala will not be replacing anyone and represents an addition to the headquarters office, according to a Snowden Lane spokesperson, who said Hakala initiated conversations with the firm as he evaluated the best options for his next career move.
“He is a highly experienced HNW advisor who intends to form a team and will continue serving his clients at Snowden Lane,” said the spokesperson.
“I’ve been very fortunate to enjoy a 30-year career in financial services, and I’m looking forward to beginning the next phase of my professional journey at Snowden Lane,” Hakala said. “I have the utmost confidence that the firm’s values and culture, coupled with its proven platform, will allow me to continue delivering top results for my clients.”
“An advisor of Tom’s caliber is a natural fit at our firm and I’m excited to officially welcome him to the team,” said Snowden Lane CEO Rob Mooney. “We have tremendous respect for Fieldpoint Private, and I was thrilled when Tom expressed interest in joining Snowden Lane for the next chapter of his career.”
Snowden Lane’s expressed business model is to hire breakaway advisors from other financial institutions. The firm has grown rapidly since it was founded in 2011, attracting top industry talent from Morgan Stanley, Merrill Lynch, UBS, JP Morgan, Raymond James and Wells Fargo, among others.
After recruiting a record 13 advisors and more than $2 billion in client assets in 2021, Snowden Lane secured an expanded $50 million credit facility from Orix Corp. last month, enabling further enlistment efforts in 2022. Year to date, the firm has added eight advisors and four support staff overseeing more than $1.2 billion in client assets.
Snowden Lane will continue to evaluate potential M&A deals, according to the spokesperson, adding that Hakala “further demonstrates Snowden Lane’s success in offering a robust platform to financial advisors and independent, conflict-free financial advice to its diverse client base.”
Currently, Snowden Lane has 125 employees—71 of whom are financial advisors—across 12 offices in eight states. The firm’s advisors oversee approximately $4.6 billion via more than 7,000 accounts, per the company's latest regulatory filing.