PagnatoKarp has expanded is registered investment advisory (RIA) firm to serve high net worth clients via a new business unit called True Fiduciary.
The branch will be managed by a new four-person team that has transitioned to PagnatoKarp from Convergent Wealth Advisors with assets in excess of USD100 million under management.
The team are Bill Bancroft, Drew Woolridge, Kevin Smith and Dawn Page.
A family office for ultra-high-net-worth individuals, entrepreneurs and their families since the formation of the firm earlier this year, PagnatoKarp created 10 True Fiduciary principles that drive its customer focused philosophy. The new business unit for high net worth individuals with investable assets between USD1 and USD8 million will apply the same guiding principles.
"We have long been committed to serving the best interest of our clients and we firmly embrace the Department of Labor's fiduciary rule," says Paul Pagnato, founding partner, PagnatoKarp. "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."
"Our goals of serving a broader group of people with holistic wealth management are well aligned," says Bancroft. "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."