Family wealth advisors PagnatoKarp has launched a new business unit, called True Fiduciary, to serve high-net-worth (HNW) clients.
The new business unit will target HNW individuals with investable assets between $1 and $8 million.
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The unit will be managed by a new four-person team that includes Bill Bancroft, Drew Woolridge, Kevin Smith and Dawn Page. The team has joined PagnatoKarp from Convergent Wealth Advisors with assets of over $100m under management.
Convergent Wealth Advisors of Potomac, Maryland was acquired by Pathstone Family Office, recently.
PagnatoKarp founding partner Paul Pagnato said: "We have long been committed to serving the best interest of our clients and we firmly embrace the Department of Labor's fiduciary rule. We believe our True Fiduciary principles are important for the currently under-served market of high net worth investors and there is no one better suited to lead these efforts than Bill and his team."
Bancroft said: "Our goals of serving a broader group of people with holistic wealth management are well aligned. PagnatoKarp always seeks to put clients first and that's what we want to focus on. True Fiduciary is at the heart of what we believe and we are excited to be a part of this."
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