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Fidelity Loses Billion-Dollar Business to Merrill Alum's Multi-Family Office Outfit

By Alex Padalka May 1, 2019

Verdence Capital Advisors, the private wealth advisor and multi-family office firm founded by a Merrill Lynch alum, has poached a veteran Fidelity Investments advisor, Verdence says.

Meg Sheil-Puopolo joins Hunt Valley, Md.-based Verdence in Baltimore, according to a press release from the firm. She had spent 18 years at Fidelity, where she managed $1.2 billion and served as vice president and a financial consultant, Verdence says.

“Verdence stood out to me because of its rapid growth and incredibly collaborative environment, which will allow me to fully utilize the wealth of knowledge available across the entire firm,” Sheil-Puopolo says in the press release. “The flexibility and added services I can now offer is truly impressive, and I’m looking forward to getting started.”

Sheil-Puopolo is Verdence’s second hire in 2019, following the addition of Noel LaMontagne in March, the company says.

Verdence was founded by Leo Kelly, who left HighTower to start the firm in 2017. He had joined HighTower after 18 years at Merrill Lynch.

Fidelity Investments, meanwhile, tried to go after departing brokers last year. The firm took out restraining orders against some of them in July and again in November.