Ex-HighTower RIA recruits $1.2B advisor from Fidelity

An advisor who oversaw $1.2 billion joined Verdence Capital, a $2 billion RIA with ambitious growth plans.

Meg Sheil-Puopolo, who previously worked at Fidelity Investments, joined Verdence in Baltimore where she will serve high-net-worth clients and families. Hires such as Sheil-Puopolo are key to Verdence’s expansion efforts, says CEO Leo Kelly.

Verdence, which was previously affiliated with HighTower Advisors, is hoping to attract more advisors who fit its culture and are looking to affiliate with an existing independent firm for the back office support and other resources it can offer, he says.

“What we know is that as we grow AUM, it affords us the resources to build out this offering,” Kelly says.

Meg Sheil-Puopolo, Verdence Capital financial advisor

The move comes on the heels of a number of large advisor moves, including a $6.6 billion team that left Goldman for UBS. A slew of advisors have set up RIAs or joined existing ones in recent years, drawn to the space for its perceived flexibility and fiduciary status.

But recent departures from the Broker Protocol have complicated some of these career transitions. For instance, non-protocol member firm Morgan Stanley has sued several teams that left to join competitors, arguing that the brokers had violated non-solicitation agreements. Morgan Stanley recruits, meanwhile, have also been on the receiving end of such lawsuits; a $750 million team that left Schwab for the wirehouse was the target of a legal fight over client contacts.

For her part, Sheil-Puopolo says she was drawn to Verdence because of its resources, corporate environment, fiduciary status and the opportunity to be part of something “growing from the ground up.” She knew of Verdence because of her friendship with the firm’s COO.

“I met with the team and I was really impressed with them and their unique way of doing planning. It’s really collaborative,” she says.

Amit Ranjan is Executive Vice President, Global Head of Data and Risk Analytics at Xceedance, a global consulting, technology, and operations leader for insurance organizations. With 25 years of diverse experience, he oversees catastrophe modeling, actuarial and data insight services. He specializes in leveraging advanced modeling techniques, statistical analysis, and data-driven strategies to optimize underwriting, pricing, and portfolio management.

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Amit Ranjan

David Klasing Esq. CPA M.S.-Tax, is founder and managing attorney at the Tax Law Offices of David W. Klasing. He has earned dual California licenses that enable him to simultaneously practice as an attorney and as a CPA in the practice areas of taxation, estate planning and business law. He provides businesses and individuals with tax representation, planning and compliance services, and criminal tax representation. He has more than 20 years of professional tax, accounting and business consulting experience, coupled with extensive knowledge about federal and state tax codes, regulations and case law.

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David Klasing

Nicole is a strategic HR leader with demonstrated experience collaborating with all levels of leadership to drive successful People initiatives in dynamic and fast-paced environments. Known as an out-of-the-box thinker who offers creative and effective solutions to support an exceptional employee experience and drive high performing teams.

Her industry experience includes technology, wellness, consumer goods, entertainment, and aerospace & defense. Experienced with global organizations, both private and public, spanning start-up to established large firms. She is skilled in engaging complex, evolving, distributed, and diverse employee populations to achieve business results.

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Nicole MacMillian

Kelly says he was “excited” about the prospect of hiring after that meeting. “She passed the first and foremost important test: She fit the culture. She was client first, and passionate and caring. You can’t fake passion and caring.”

Sheil-Puopolo had been with Fidelity for 18 years, having transitioned into financial planning after working as a molecular biologist.

Sheil-Puopolo says preferred affiliating with an existing RIA to starting her own because she didn’t want to be tied down with burdens of running a firm. “I enjoy getting to know my clients, planning and building relationships. That’s what I wanted to be at the forefront of what I am doing.”

Her move to Verdence follows the firm’s hiring in March of former NFL player Noel LaMontagne, who now serves as a client relationship manager focused on sports and entertainment.

Verdence, which is headquartered in Hunt Valley, Maryland, also has two offices in Northern Virginia.

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