With new team addition, Private Wealth becomes Midwest leader in private banker model
OMAHA, Neb. (March 10, 2023) – Private bank veterans who previously managed $1.9B in assets under advisement (AUA) have left their big bank roles for a rapidly growing independent firm.
Zac Ritchey, CFP®, private wealth advisor; Ben Goethel, J.D., senior wealth strategist; and Tyler Schlumpf, CFA, portfolio manager/financial consultant — all formerly with Wells Fargo — join Private Wealth Asset Management, an independent registered investment advisory firm specializing in working with private bank clients. The trio represented one of the biggest private bank teams in the Midwest. Their joining of Private Wealth pushes the firm into the position of Midwest leader in the private bank model.
“Everywhere, private banks are changing and I have always put my clients first — focusing on their best interests,” Ritchey said. “What attracted me to Private Wealth was the opportunity to serve clients with personalized, comprehensive service not available anywhere else. Private Wealth’s unique service model is a much better alternative than the traditional one of a single advisor who is expected to know all the answers, or needs to call in an expert from another city, who doesn’t know the client. I like that Private Wealth empowers advisors, who know the client best, to make decisions.”
“This is a continuation of private bank advisors leaving large financial institutions,” said Kim Cappellano, Private Wealth founding partner. “Like our other markets, Omaha has been abandoned by the large institutions. Fortunately, there are still extremely talented individuals who believe in local service and expect more for their clients. Zac, Ben and Tyler are experienced professionals who share our values and want to serve our clients as true fiduciaries, representing their best interests. We are delighted to welcome them to our Private Wealth team, and are eager to see them help clients achieve their goals.”
Goethel, a former practicing attorney who specializes in trust, estate and tax planning, said, “I am thrilled to join this talented Private Wealth team. Their collective experience is truly impressive. I’m especially looking forward to being a part of the firm’s team approach for clients. It’s truly working in an optimal environment – where we bring our collective expertise and areas of specialization together to benefit clients as an outsourced family office.”
Since launching in September 2021, Private Wealth has attracted senior investment and planning specialists from private banks around the country. Private Wealth has grown its total staff from seven to 49, and opened offices in four states and eight markets — Omaha, Nebraska; Cedar Rapids and Des Moines, Iowa; San Antonio, Corpus Christi, Midland, and Fort Worth, Texas; and St. Louis, Missouri.
“The growth this firm has achieved in a short time is amazing and a testament to what clients want – expert service, close to home, and dedicated to achieving the client’s goals,” said Schlumpf. “As a veteran portfolio manager, I’ve seen it all — the good and bad of the industry. And Private Wealth’s team does it right. No commissions. No quotas. As an independent firm, advisors are able to act as true fiduciaries and recommend solutions that are in the clients’ best interest — not the firm’s.”
In their new roles at Private Wealth, Ritchey will serve as managing director; Goethel as partner, senior wealth strategist; and Tyler Schlumpf as partner, senior portfolio manager.
Unlike many financial services firms, four of six C-suite officers and 58% of the Private Wealth team are female. Ritchey, Goethel and Schlumpf join a team with more than 500 years of collective experience. They include Chartered Financial Analysts (CFAs); former attorneys; Certified Investment Management Analysts® (CIMA®s); specialists in real estate, oil and gas, estate planning, business succession planning, lending, property and casualty insurance management, and fiduciary banking.
The Omaha team will serve clients in the region and across the U.S. For more information, visit privatewealth.com, call (402) 227-4208 or email email@example.com. To meet Zac, Ben, and Tyler, visit https://privatewealth.com/omaha
About Private Wealth Asset Management
Private Wealth Asset Management is an independent financial advisory firm offering private wealth management services to high-net-worth individuals, families and institutions. Private Wealth surrounds clients with a circle of services, delivered by financial subject matter experts from a wide range of disciplines to provide comprehensive advice and service, personalized to the needs of each client. Private Wealth works with clients to identify custom solutions—including fiduciary lending, specialty asset management (oil and gas, alternative energy, farms and ranches), estate and generational wealth planning, trust and estate services, property & casualty insurance management, health care advisory, business transition planning, tax management and more.
Private Wealth offices are in Cedar Rapids and West Des Moines, Iowa; Omaha, Nebraska; San Antonio, Corpus Christi, Midland, and Fort Worth, Texas; and St.Louis, Missouri. To learn more about Private Wealth, visit privatewealth.com.