Most of Jim Murray's clients are business owners, and after more than a year of self-evaluation, he decided he wanted to be one, too.
On March 10, Mr. Murray opened his own investment advisory firm, GuideStar Private Wealth Management. It will be part of the Wells Fargo Advisors Financial Network. Mr. Murray left U.S. Trust, where he had approximately $663 million in assets under management.
The Wells Fargo arrangement, which allows Mr. Murray to
operate independently but draw on the resources of a large bank, aligns with his client roster, he said. Most of them have gone through a “liquidity event,” such as selling their business, and need help in areas like lending, lines of credit, business succession and estate planning.
“The needs of that client are met by the structure I have with FiNet,” Mr. Murray said. “My clients feel at ease knowing there's a banking institution behind me.”
But he relishes the independence he'll have in running GuideStar, which is located in West Lake Village, Calif.
A spokeswoman for U.S. Trust declined to comment.
Mr. Murray, 59, determined he wanted to strike out on his own after starting an introspective process to assess his career. He filled a notebook he labeled “The next eight years.”
“It almost became a diary of me seeking my direction,” he said.
During his career, Mr. Murray spent 13 years in the biotechnology field as an electrical engineer before becoming a financial adviser about 23 years ago. He made the transition because “capital markets always fascinated me,” he said.
In the short time he's been independent, Mr. Murray has experienced a renewal of energy and passion for the investment advice business.
“I've had an immediate attitude shift, and that excitement is back and percolating every day,” he said.
