Fidelity Advisor Managing $2.7 Billion Joins RIA
A financial advisor who previously managed $2.7 billion while part of Fidelity Investments’ Private Client Group has left to join a new registered investment advisor affiliated with a longstanding investment fund.
Larry Rollins, who worked at Fidelity Investments since 2004 and was a five-time recipient of the firm’s President’s Circle Award that honors the top 5 percent of investment consultants, said Monday he joined New York-based Brenton Point Wealth Advisors. Rollins will lead a new office for the firm in Westport, Conn. Joining him is Lisa Cassidy, a senior client manager with more than 25 years of experience in financial services.
Rollins is only the second advisor to join Brenton Point. Patrick Gingras, a co-founder, co-president and advisor, started with the firm at its inception in 2017. Gingras opened and runs an office in Madison, Conn.
Both Rollins and Gingras had previous relationships with other Brenton Point co-founders—most who were already affiliated with Zweig-DiMenna, a $1.3 billion investment manager founded in 1984, said Paul Michalowski, co-president and the COO of Brenton Point. Michalowski is also the head of global marketing for Zweig-DiMenna.
The investment firm, known for its long-short equity investments in U.S. stocks and some exposure to global equities, views the standalone Brenton Point RIA as a strategic venture. Alongside Brenton Point’s holistic wealth management offerings that include estate and tax planning, the firm believes its investment management is a differentiator for high-net-worth clientele. Both businesses already work with family offices.
“At this time last year, wealth management was at an inflection point, with clients seeking more services from their advisors,” said Joe DiMenna, the chief market strategist for Brenton Point and head portfolio manager of Zweig-DiMenna. “Brenton Point’s unique model offers access to what we believe to be invaluable tools and proprietary insights for our clients.”
Improved technology and expanded services through custodians and other partners have also made wealth management an attractive business, Michalowski said. Brenton Point custodies with BNY Mellon’s Pershing.
He also said the RIA plans to continue to grow and recruit more advisors but expects it to remain relatively small. Ideally, the firm would like to grow to and then maintain around 10 to 15 partners, Michalowski said. It’s currently focused on growing in the Northeast but will eventually explore opening offices across the country.