Former Credit Suisse bankers are targeting HNW investors with a new tech-enabled private wealth management firm, which does not charge tax-like AUM fees.
Dubbed Wedmont Private Capital, the new business has been co-founded by Dominic Corabi and James Pelletier.
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Corabi formerly served as the chief of staff of Vanguard’s Financial Advisor Services unit. Earlier, he was an adviser to UHNW families at Credit Suisse.
Pelletier formerly worked as the vice president and private wealth adviser in the UHNW arm of UBS as well as an adviser to UHNW families at Credit Suisse.
The new business will serve individuals and families with investable assets of more than $1,000,000.
Its investment platform offers access to fixed income, equities, and cash along with alternative options including private equity and hedge funds.
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By GlobalDataClients can monitor their portfolios using the firm’s client portal and mobile app.
However, the distinguishing factor is that clients can avail these benefits by paying a flat yearly charge of $10,000. This is irrespective of a portfolio’s size.
Corabi stated: “It’s a game-changing model. We’ve long believed that the traditional model of private wealth management was overdue for a restructure. Wedmont is our answer.”
At the same time, Wedmont delivers direct indexing to clients free of cost.
The firm noted: “Direct indexing, in which individual client portfolios are designed to replicate a broad market index, allows clients to take advantage of normal movements in the price of individual stocks in order to proactively harvest tax-losses.
“These tax-losses are passed to the client, who can use them to offset capital gains and income taxes.”
