FUNDfire – JPM Advisor Brothers Quit to Launch Indie Firm
September 14, 2015 – FULL ARTICLE
David Steele and Jonathan Steele, brothers who managed around $300 million in client assets at J.P. Morgan, have left the brokerage to create their own independent advisory firm, The Wall Street Journal reports. The Steeles, along with three former J.P. Morgan Securities staffers, worked with Dynasty Financial Partners to launch One Wealth Advisors in San Francisco last week.
David Steele joined J.P. Morgan Securities in 1997 where he was an advisor and executive director. He is taking on the duties of CEO at his new firm, the Journal reports.
Jonathan Steele, the younger of the brothers, is CIO of One Wealth Advisors. He was also an executive director at J.P. Morgan Securities. He joined the brokerage in 1998.
One Wealth Advisors’ team, which includes a financial planner and two others, will cater to high-net-worth clients, including executives, retirees, small-business owners and foundations, the Journal reports.
A J.P. Morgan representative confirms the departures.