A $3 billion wealth management team from Citi Private Bank, which specializes in ultra-high-net-worth clients, is joining Denver-based Alpha Capital Family Office.
Alexandra Romeo Boyles and Will Coughlin are joining the firm as senior wealth strategists and senior investment strategists (both will also be partners at Alpha Capital). Both advisors are based in Denver and work with single-family offices, business owners, endowments, foundations and non-profits.
“We serve families of significant wealth with complex balance sheets,” Boyles said. “Our choice to work with fewer than 50 families empowers us to serve as their dedicated outsourced family office.”
At Citi, Boyles was a senior vice president for the UHNW Private Banker division, overseeing clients’ baking, lending, investments and tax/estate planning requirements, among other needs. (Previously, she’d worked as vice president at UHNW Private Banker at JP Morgan.)
Coughlin has worked in the industry for over 10 years. At Citi, he was senior vice president of investments, also based in Denver. He previously worked at Goldman Sachs, both in its alternative investments and manager selection groups and as an advisor in the private wealth management division.
Coughlin cited some turnover issues at Citi as part of the impetus behind his departure.
“Frankly, the turnover problems in private banking have denied my clients access to specialists focused on the investment opportunities they want and deserve,” he said.
Doug Campbell, the founding partner with Alpha Capital Family Office, said the firm’s focus on small groups of clients as an outsourced family office helps it attract talent from leading banks and wealth management firms.
“Unlike these institutions, where advisors are often forced to manage too many clients to provide the personalized attention required, our approach ensures each client receives the dedicated service they deserve,” he said.
Alpha Capital was founded in 2015 by a breakaway Wells Fargo team, including Campbell and his two sons. Campbell spun off the family office from Alpha Capital Management Group in 2020. (The firm mainly works with corporate retirement plans.) The firm set to work going after talent in the wealth management space, employing Lumina Consulting to help them recruit.
For a flat quarterly fee, the firm offers asset management and financial planning, as well as family governance, business coordination, and tax, insurance, estate and philanthropy planning, with an evolving set of fintech tools.
Campbell previously told WealthManagement.com the firm planned to grow through referrals and adding staff (he said he had no interest in M&A, opting to double advisor headcount in the next several years solely through recruitment). The firm has around $1.25 billion in assets under advisement.
Earlier this year, the firm recruited Northern Trust alum Tom Riley to lead the construction and management of clients’ customized portfolios.