The team was dissatisfied with the bank’s continual turnover and unable to offer the answers they felt their clients needed.
Additionally, the team advises on client assets totalling over $4.5bn.
The five-person wealth management group consists of:
- Christopher F. Tate, J.D., partner, wealth strategist
- Michael J. Sellers, partner, portfolio manager
- Benjamin A. Hilyard AIF, CTFA, partner, fiduciary specialist
- Aaron J. Wall, CFA, partner, portfolio manager
- Ashley Connor, client service associate
Collectively, the team is one of the biggest groups of wealth managers to depart a private bank in recent times.
As opposed to a retail wealth management firm built on the framework of a brokerage or bank, they chose a framework that would be more efficient for their clients.
Tate said: “Fidelis Capital operates as an outsourced family office, which will provide tremendous value and support as we strive to help clients navigate financial complexity in their lives. Instead of the common industry practice of providing clients with access to one primary advisor, we surround families with a team of subject matter experts, who each specialize in a particular field and are in touch with the industry as a whole, to be able to seek out in-depth solutions to complex problems.”
He formerly held the position of senior vice president and wealth strategies advisor at Bank of America private bank. Tate has a Juris Doctor (JD) degree from George Mason University’s Antonin Scalia Law School, an MA in International Transactions from the same institution, and a BA from the University of Virginia.
The most recent position held by Sellers was that of managing director and senior portfolio manager at Bank of America private bank, where he was responsible for managing portfolios for both institutional and high-net-worth households.
Furthermore, Hilyard lastly served as a managing director and senior trust officer for Bank of America private bank’s trust division. He possesses the ABA Institute of Certified Bankers’ Certified Trust and Fiduciary Advisor (CTFA) qualification and is a member of the Washington, D.C. Estate Planning Council.
At the Bank of America private bank, Wall notably held the positions of senior vice president and portfolio manager. He develops and manages customised investment strategies utilising a variety of wealth management tools, such as financial planning and methods for managing risk.
Finally, client service associate Connor was a portfolio management senior associate with the team at Bank of America private bank. She is a Marymount University graduate with over 12 years of experience in private banking.
“The fact that this outstanding team from Bank of America has chosen to join Fidelis Capital is indicative of the continued evolution of private banking and a testament to how Fidelis Capital is helping to change the private banking sector,” added Rick Simonetti, founding partner, CEO, head of wealth planning, Fidelis Capital. “As the founders of Fidelis Capital did, this team is making the transition to independence in search of an environment more amenable to the complex, ultra-high-net-worth wealth planning that their clients need.”