Industry Trend: Private Bankers Leaving Big Institutions to Launch Boutique Wealth Firms
A notable trend reshaping the wealth management industry is the growing number of seasoned private bankers and financial advisors departing from major financial institutions to launch independent boutique firms. A recent example of this is the launch of Alta Vera Global Capital Advisors by former JPMorgan Chase & Co. private bankers Jerry Garcia and Chris Gatsch, who now collectively manage $400 million in client assets. Their move reflects a broader shift across the wealth management landscape, driven by the desire for autonomy, personalized client service, and flexible business models.
Launching Alta Vera Global Capital Advisors
Garcia and Gatsch’s decision to found Alta Vera underscores a growing sentiment among high-level advisors: that large institutions often limit flexibility, both in investment approach and client engagement. By establishing their own firm, the duo aims to provide more tailored and agile services to clients. Alta Vera offers a diversified range of services including wealth management, capital raising, and hedging solutions—a comprehensive suite that caters to high-net-worth individuals, families, and business owners seeking sophisticated financial strategies.
Jerry Garcia, now the CEO of Alta Vera, emphasizes a growth-focused strategy. A central part of their expansion plan includes attracting top talent from large banks, particularly those who may feel stifled by the bureaucracy or commercial priorities of traditional institutions. This recruitment approach is aligned with industry trends, where talent migration from big banks to independent RIAs (Registered Investment Advisors) is steadily increasing.
Partnership with OneSeven
To build a strong foundation without reinventing the operational wheel, Alta Vera has partnered with OneSeven, a well-established RIA platform. This partnership allows Alta Vera to leverage OneSeven’s robust marketing, compliance, and operational infrastructure, enabling the new firm to focus more on client service and strategic growth. Such collaborations are increasingly popular among new advisory firms, as they allow founders to avoid the heavy costs and regulatory burdens of building these capabilities from scratch.
Did you know? By outsourcing critical yet non-client-facing functions to a platform like OneSeven, new firms can operate with the efficiency of a larger institution while maintaining the personalized attention and nimbleness of a boutique practice.
Broader Implications in the Wealth Management Industry
The move by Garcia and Gatsch is not an isolated case but part of a larger shift toward advisor independence. Over the past decade, the RIA channel has grown rapidly, driven by both advisor and client preferences. Advisors are drawn by better economics, operational control, and the ability to build equity in their own businesses. Meanwhile, clients increasingly favor advisory models that prioritize transparency, fiduciary responsibility, and customized service—areas where smaller independent firms often excel.
In addition, the industry has seen a proliferation of support platforms like OneSeven, Dynasty Financial Partners, and Sanctuary Wealth, which lower the barriers to entry for advisors looking to go independent. These platforms provide essential infrastructure, allowing new firms to scale quickly and compete effectively with traditional banks and wirehouses.
Conclusion
Alta Vera Global Capital Advisors' launch is emblematic of a fundamental transformation in wealth management: a shift from centralized, institution-led banking to decentralized, advisor-led models. As more experienced bankers seek independence and clients demand more personalized service, the trend of launching boutique firms—supported by flexible platforms—will likely accelerate. Alta Vera’s trajectory will be one to watch as it navigates this evolving landscape.