People Moves: Fidelis Adds Bank of America Equity Strategist
Fidelis Capital, a Tampa, Fla.-based registered investment advisor founded by former bank-based advisors, has hired Herb Achey from U.S. Trust/Bank of America Private Bank to develop investment strategies for its ultra-high-net-worth clients, the RIA announced.
Achey becomes the firm’s 13th partner since its launch in 2022 by founders Neale Ellis, formerly of U.S. Trust, and Rick Simonetti, formerly of Wells Fargo.
“Herb worked with two of our founding partners and our entire team in D.C.,” Simonetti said of the new partner. “They worked on some of the largest family offices in the country—these are multi-multi-billionaires, and Herb played a very specific role there and had a huge influence on the success of how they serve those families. … This addition just improves our talent pool.”
Achey most recently served as an investment strategist at U.S. Trust/Bank of America Private Bank, where he worked for 30 years and supervised client assets exceeding $2 billion, according to the announcement.
“Fidelis is really on the cutting edge of what modern wealth management for generationally wealthy families and institutions should look like—there’s continuous improvement and truly the highest level of acumen around wealth planning I’ve seen,” Achey said in a statement.
Simonetti said the firm, which has grown to almost $3 billion in assets, will appreciate Achey’s expertise in three key areas: managing single-stock concentration for clients; identifying companies that may benefit from a specific economic or market trend; and his experience in working with families with ultra-high-net-worth and complex investment strategies.
“His passion around those areas attracted us to him,” he said.
The co-founder of the fast-growing RIA also said Achey will not receive equity in the firm, but will instead receive “phantom equity” from Fidelis to partners to benefit from the firm’s growth.
UBS Opens Wealth Advice Center Hub in Dallas
UBS Wealth Management U.S. has opened a wealth advice center hub in Dallas to better serve the region, the Swiss bank announced.
Dallas will mimic existing hubs in Weehawken, N.J., and Charlotte, N.C., creating a national network for advisors serving affluent and high-net-worth clients, according to the firm.
UBS has leased 26,000 square feet at 23Springs, which can accommodate more than 170 financial advisors, leaders and support professionals as the firm seeks to attract and hire top talent over the next year, including experienced advisors and participants in the Financial Advisor Development Program, the firm said.
“The opening of our Dallas hub represents a significant milestone in the continued expansion of the UBS Wealth Advice Center and underscores our commitment to enhancing our national advice platform,” Leonard Golub, managing director and head of the UBS Wealth Advice Center, said in a statement.
In May, UBS Group AG Chief Executive Officer Sergio Ermotti said during a conference that he doesn’t rule out buying another firm to boost the lender’s business in the Americas, but added that the firm doesn’t necessarily need to do a deal to achieve its expansion goals in the region.
AlTi Tiedemann Global Appoints Cesar Pachon to Lead Miami Office
AlTi Global Inc., a wealth manager with approximately $90 billion in combined assets, has named senior wealth advisor Cesar Pachon to lead its Miami office as part of its strategy to deepen capabilities in key U.S. growth markets, the firm said.
Pachon has more than two decades of experience serving ultra-high-net-worth individuals, families and entrepreneurs and was most recently a founding partner of a multi-family office, We Family Offices, according to SEC filings.
In his new role, Pachon will work closely with Jim Bertles, AlTi’s co-head of U.S. wealth planning, based in Palm Beach, Fla. His specialty in working with international families with assets in the U.S. will add to the firm’s offshore expertise with advisors Ricardo de la Serna and Jose Remy, according to the firm.
Pachon began his career in investment banking before transitioning to wealth management.
The Arch’s Anvil Adds Tamara Stelting as Executive Consultant
The Arch’s Anvil, a Seattle-based operational consulting firm for RIAs, has added Tamara Stelting as executive consultant and expanded its consulting platform to meet rising demand from RIAs that have outgrown founder-led operations, the firm announced.
Stelting joins after serving as chief operating officer, chief compliance officer, chief information security officer and EOS Integrator for registered investment advisory firms, including Searcy Financial Services in Kansas City, according to her LinkedIn.
“Every person who joins The Arch’s Anvil has to meet the same bar: have they actually done this work inside a firm, not just studied it,” founder Claire Alexander said in a statement.
Alexandar has worked with advisory firms with over $10.1 billion in assets under management and has expanded her firm to work on executive advisory, operational consulting, implementation support, leadership development and licensing opportunities for larger firms seeking to incorporate the firm’s framework internally.
Alexander and Stelting will discuss their offerings in a live webinar on Aug. 6 titled “Growing Your Firm Beyond You,” according to the announcement.
