Fidelis Capital Built $3B Firm by Recruiting Frustrated Private Bankers from Wells Fargo and Bank of America

NewsData.io · United States · Aug 24, 2026

Rick Simonetti founded Fidelis Capital in 2022 after leaving Wells Fargo, where he spent 22 years, recruiting a team of private bankers from both Wells and Bank of America who were frustrated by large institutions pulling back from complex wealth management services. The firm has grown to nearly $3 billion in client assets with 23 employees and a notably low client-to-advisor ratio. The story highlights the distinct challenges of recruiting and transitioning private banking talent — including garden-leave policies, nonsolicit agreements, and slower client migration timelines — offering practical intelligence for staffing professionals and boutique firm builders operating in high-net-worth financial services.