Jack Ginter, the former president of Abbot Downing (a business of Wells Fargo), has left the business to start Callan Family Office. The latter is an independent wealth management firm that will serve ultra-high net worth individuals, families, and foundations and provide customized services, similar to large private banks.
The former Abbot Downing senior director of planning, Amy Jucoski, will be joining the firm as the founding partner, as well as head of legacy and wealth planning.
The team at the family office has created a strategic partnership with Callahan LLC, an investment, which is an investment consulting firm that serves investment and institutional advisor clients. With the Callahan name, the firm can receive guidance, and expert industry research. However, the firm has its own SEC registration, as well as ownership and management.
“There have been a lot of changes in the wealth management industry in the past decade as the large banks and brokerages have reprioritized their focus away from this space, presenting an opportunity for a new entrant,” said Ginter, the future CEO.
“We know from years of experience that ultra-high-net-worth families, foundations and endowments need a level of service and customization that goes well beyond what is required by high-net-worth and mass affluent clients,” he said. “After looking at the entire wealth management universe it became obvious that what we were looking for simply didn’t exist, not at the big banks and brokerages, not in the independent space. After a lot of due diligence and research, we decided to build it ourselves,” he added.
According to Ginter, his team decided to break away because “Wells Fargo decided to move in a different direction in step with some other changes the organization was implementing.” In the previous year, the business abandoned the Abbot Downing name and continued the business under the Wells Fargo Private Bank Brand.
Callhan Family Office will provide investment management, research across global levels, along with administrative and fiduciary services, and private banking. According to Ginter, the firm will have an edge over brokerages and banks because of its responsiveness, flexibility, and fee-only judiciary approach.
“As an independent firm, we offer clients a completely open architecture approach to deliver a custom experience that will uniquely meet their specific needs,” said Ginter. “Additionally, Callan Family Office offers a wide range of solutions that assist in creating comprehensive financial plans and investment portfolios as well as devising strategies for preserving and transferring wealth. This includes access to investment insight, research and expertise from our alliance with Callan.”
‘Wells Fargo Execs Break Away to Launch Family Office Under Callan Name‘- Wealth Management
