Ex-Wells Fargo bankers launch Fidelis Capital

Rick Simonetti left Wells Fargo after more than two decades and in 2022 founded Fidelis Capital with a team of private bankers drawn from Wells Fargo and Bank of America to serve wealthy families with complex needs that large banks reduced.

After an account‑opening scandal, Wells Fargo scaled back or abandoned business lines tied to insurance, real estate management and oil, gas and mineral rights. Simonetti recalled that many large institutions viewed those lines as too risky and were willing to accept some client attrition rather than retain the full set of services.

Fidelis reports nearly $3 billion in client assets and 23 employees. The firm built an in‑house fund for alternative assets and is adding internal accounting capabilities. Simonetti described the firm’s client load as lower than at big banks: “We have a portfolio manager here who today serves 50 families, at the most. At Wells, he had 200 families in his portfolio, some of which were in the nine figures and beyond.”

Recruiting private bankers proved slower than early consultant estimates because private‑bank books typically move gradually and clients are often reluctant to transfer assets. Simonetti noted the firm managed legal and logistical aspects of transitions carefully, observing non‑solicit agreements and garden‑leave arrangements and using outside counsel. Fidelis has not faced legal challenges related to its hiring.

More than half of Fidelis’s current business comes from clients the team did not serve at the banks. New relationships have come through referrals from accountants, attorneys and M&A advisers. Two families with more than $100 million in assets moved to Fidelis within the past 15 months.

On investment management, Fidelis handles most clients’ equity and fixed‑income positions internally rather than using third‑party managers, a structure that removes an additional management fee for clients. The firm seeks access to private market opportunities, including niche early‑stage and growth equity raises. Simonetti noted that many U.S. companies with annual revenue above $250 million remain private, and excluding private companies limits investment options.

Clients have raised questions about custody and asset safety. Fidelis explains its choice of custodian and how custodial protections differ from FDIC coverage. The firm coordinates closely with clients’ CPAs and attorneys and holds quarterly meetings to align estate and estimated tax planning.

Simonetti noted he does not miss being part of a large bank and that Fidelis acquires research and technology from outside providers. The firm has changed software several times to meet client needs and seeks private‑market opportunities without having to scale them across thousands of advisers.

Several large banks have reduced certain wealth services, and smaller firms have formed to provide those services to high‑net‑worth families.