Brokers managing $425 million exit Wells Fargo to form RIA
JGP Wealth Management in Portland, Ore., partners with Fidelity.
A group of brokers who managed more than $425 million at Wells Fargo Advisors in Portland, Ore., have left the firm to form JGP Wealth Management, an independent registered investment advisory, which will be headquartered in Portland.
The firm is led by Jeff Paustian and Kevin Sanger. The six other professionals on their team at Wells Fargo joined them in the move.
JGP Wealth Management has formed a strategic relationship with Fidelity Clearing & Custody Solutions, which will act as the primary custodian for client investment assets. JGP will continue to serve a select group of affluent families around the United States.
Mr. Paustian began his securities career in 1993 at Merrill Lynch and moved to First Union Securities, a predecessor of Wells Fargo, in 2001. Mr. Sanger, who began his career at Merrill Lynch in 1996, met Mr. Paustian there and moved with him in 2001 to what is now Wells Fargo.
“We look forward to working with the team at JGP Wealth Management as they strive to take their firm to the next level,” said David Canter, head of the RIA segment at Fidelity Clearing & Custody Solutions. “JGP’s client-focused approach and innovative thinking will be key to their success as a ‘future-ready’ firm, and I’m excited to welcome them as they begin that journey.”
JGP will also use eMoney Advisor financial planning software.
“The technology and collaborative tools available in the independent RIA space are years ahead of much of the industry, and we are excited about harnessing that to bring customized solutions to our clients,” said senior financial adviser Joe Gross.
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