Abbot Downing, Wells Fargo's elite unit for ultrahigh-net-worth clients, hired a regional head from the firm's private bank to lead an expansion, the company said.
Abbot Downing tapped David Edmiston to launch an Atlanta office, and he will be filling his team out in coming months, according to a firm spokeswoman. The new team will mark Abbot Downing's 12th location, sharing space in the same office Edmiston used with the private bank unit.
The Atlanta area has seen increased demand for ultrahigh-net-worth and family office services amid “the current merger and acquisition activity and wealth transfer needs,” Abbot Downing senior managing director Jack Ginter said in a statement about Edmiston’s hiring.
Edmiston was traveling and unavailable for an interview, the spokeswoman said.
Edmiston started his career at First Union in 2000 and stayed on through its merger with Wachovia a year later, according to FINRA BrokerCheck records.
He joined Wells Fargo in 2007, FINRA BrokerCheck record show. Edmiston led insurance and brokerage teams at Wells Fargo Advisors, as well as groups focusing on trust, estate and other wealth management services for the private bank unit.
Abbot Downing, created from the merger of several Wells Fargo units in 2012, caters to individuals, multi-generational families, foundations and endowments. The firm's clients must bring a minimum of $50 million of investible assets or have a net-worth greater than $100 million.
Abbot Downing's family dynamics and education team also offers consulting services, including research on a client’s family history and wealth management tutorials for children as young as five years old.
“Our clients’ best interest is at the heart of everything we do,” Edmiston said in a statement. “Through our team-based approach, we leverage resources from Abbot Downing and Wells Fargo to address the financial, social and personal dimensions of wealth through custom solutions tailored to each individual, family and institution we serve.”
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