Four former United Bank & Trust advisors partnered with Dynasty Financial to launch Arbor Trust Wealth Advisors on Monday.
Led by financial advisors Charles Waterhouse, James Winslow Gary Haapala and estate attorney Carol Sewell, the Cantor, Mich.-based team has $350 million in assets collectively under management.
"Arbor Trust Wealth Advisors was created to provide sophisticated investment and estate planning advice to our highly educated community,” Haapala said Monday.
The new RIA will utilize Dynasty’s investment and technology platform, as well as the Core Services platform, which provides turnkey marketing, CRM, financial planning, proposal support, and client reporting. Charles Schwab will act as Arbor Trust’s primary clearing firm and custodian. “We were looking for an organization that allows us to be entrepreneurs and do what’s best for our clients,” Haapala says of Arbor Trust’s partnership with Dynasty.
The four advisors have been working together for the past seven years at United Bank, Haapala says and starting talking about spinning out their wealth management practice five years ago. But Haapala says United Bank & Trust’s decision in January to join forces with Old National Bancorp and Old National Bank spurred them to think about branching out on their own. “We really wanted to deliver the best client experience.”
Haapala says Arbor Trust is looking to grow organically, although they’re not opposed to considering strategically identifying any potential acquisition targets to grow.
"Charlie, Jim, Carol and Gary are extraordinary investment advisors with a deep commitment to their unique Southeast Michigan community," said Shirl Penney, President and CEO of Dynasty Financial Partners. "Dynasty has increased its commitment to the Midwest and devoted resources to support leading teams such as Arbor Trust who are seeking independence.”