A $700 million advisor team has broken away from Wells Fargo Advisors to launch its own independent RIA.
Harrisonburg, Va.-based Graves-Light Private Wealth Management caters to individuals and businesses and consist of three advisors: Asa Graves, J. Douglas Light and A. Wesley Graves.
The three are joined by two senior client associates and founding member Jeffrey Lenhart, who was most recently an attorney and founding member at Charlottesville, Va.-based law firm Lenhart Pettit.
The firm primarily caters to high-net-worth clients in Northern Virginia, and the Shenandoah Valley of Virginia. It offers a number of services to its clients including investment planning, wealth management, estates planning and trusts services.
Part of the reason the team broke off from Wells Fargo is because the broker-dealer model was restrictive from a product standpoint, according to Graves, founding member at Graves-Light.
‘The whole broker-dealer model is under pressure given the constraints that they have and the type of products that clients can use as well as the fee structures,’ Graves said.
‘We were unable to fully wrap ourselves around a client’s financial life, so when the opportunity arose, we were able to have our attorney Jeff Lenhart come with us and that is something that we never could have done with Wells Fargo.'
Lenhart will assess the possibilities and risks of how clients are structured from a legal standpoint. Additionally, he recently passed his Series 65 and is now a registered advisor as well.
‘In pursuing independence, we can prioritize their best interests without being beholden to a distant home office that doesn't necessarily know what's best for them,' Graves said.