People Moves
Former Wells Fargo Advisors Figure Launches New RIA
The trend of RIAs being founded to capture clients' demand for independent advice continues.
A new registered investment advisor firm, Mattern Wealth Management, has been launched, adding to the continued trend of RIAs getting off the ground.
Formed by David Mattern, the firm, based in Lawrence, Kansas, also includes Kyle Cross and Marcus Mattern, both financial advisors. David Mattern, who has 25 years of experience in the sector, previously worked at Wells Fargo Advisors.
“We have always believed in the fiduciary standard of care,” said Mattern. “It is what clients have always expected and what we have strived to provide. It was clear to us that becoming a fee-only Registered Investment Advisor, working only for the client, was the next logical step,” he said.
At WFA, Mattern was a managing director, MD – branch manager and senior private investment management portfolio manager. He has also been an instructor of continuing professional education for CPAs.
The new firm is using TradePMR for technology and custodial support. First Clearing, a trade name used by Wells Fargo Clearing Service, a member of SIPC and a registered broker/dealer and non-bank affiliate of Wells Fargo & Company, will provide securities execution and brokerage clearance services.
The business should not be conflated with Denver, Colorado-based Mattern Capital Management, launched earlier this year by Perry Mattern, brother of the Kansas-based firm's principal.
The RIA space continues to be in relatively buoyant mood, although owners have some concerns. A report by Schwab Advisor Services, part of Charles Schwab, said that most of the advisors it polled expect double-digit percentage growth in net new assets for 2020. As reported a few days ago, two leaders of The Cascade Group, once linked to UBS, have built a new wealth management business, Parcion Private Wealth. The founders are Terry Cook and Kyle Caouette and the firm is based in Bellevue, Washington. They used Fidelity Family Office Services as the firm’s primary custodian for clients’ assets.
