Wall Street Journal – Two J.P.Morgan Advisers Launch Independent Firm
Jonathan Steele, David Steele, Kevin Cohen, Alex Schmitz and Sam Stephens left J.P. Morgan Chase to form independent advisory firm One Wealth Advisors in San Francisco.
PHOTO: ALESSANDRO DESOGOS – FULL ARTICLE
Brothers David and Jonathan Steele launch One Wealth Advisers in San Francisco
Two financial advisers who managed about $300 million in client assets at J.P. Morgan Chase & Co.’s brokerage unit have left to launch an independent advisory firm.
Brothers David and Jonathan Steele launched One Wealth Advisors in San Francisco on Thursday with the support of platform provider Dynasty Financial Partners.
David Steele, who is also a restaurateur and music and entertainment entrepreneur, is the firm’s chief executive, while Jonathan Steele is serving as chief investment officer of the firm, which works with high-net-worth clients including corporate executives, retirees, small-business owners and foundations.
Before launching the firm, David Steele was an executive director and financial adviser with J.P. Morgan Securities, the wealth-management division of J.P. Morgan. He is 48 years old and worked at the firm since 1997.
Jonathan Steele, 42, was previously an executive director at J.P. Morgan Securities, where he worked since 1998. A financial planner and two staffers have also left J.P. Morgan and joined the brothers at the new firm. J.P. Morgan confirmed the departures.
Dynasty, which was started in 2010, provides independent adviser teams with access to a platform for trading, clearing, research and other support services.
Write to Veronica Dagher at firstname.lastname@example.org