Wells Fargo Vets Joni Private Wealth, Specialized Asset Management


Private Wealth Asset Management has attracted two Texas-based Wells Fargo advisers with over $ 1 billion in assets under management to join the company and form a new division focused on clients and families with significant real estate holdings, many of them have oil and gas reserves.

Bryan Frazier, previously Senior Regional Director at Wells Fargo and now new head of the company’s energy asset management, and his partner Rodney Kleman, now head of Private Wealth property management, join Private Wealth Asset Management just months later. The roughly $ 6 billion in assets under advisement was formed by several other Wells Fargo veterans.

Frazier said WealthManagement.com than the ability to manage these types of assets (often farms and ranches that must be managed and have rights to drill)brings to the firm a rare ability to serve a unique clientele niche who need to balance real estate, farm management and more liquid energy holdings with their overall portfolio. Big financial institutions and banks have pulled out of this space, he said.

“This is a need where Private Wealth felt many clients were underserved or not served at all,” said Frazier.. “Being able to fill that role and that need… and being able to have it under one roof, you’re not going to find that. I don’t care how big the RIA is in this space. I don’t care if they have between $ 30 billion and $ 50 billion under management. They don’t have what we have.

Kleman, who describes himself as a “farm and ranch child by nature,” is originally from Texas and worked in Wells for 15 years. For much of that time, he focused on agricultural properties and ranches with power generation, while Frazier looked after “underground assets,” like the oil and gas operations themselves.

“When you look at that oil and gas development and then the surface area of ​​a particular property, those two activities can be quite antagonistic if you’re not careful because oil and gas companies want to maximize their production. The surface owner may want to protect that surface as much as possible, ”Kleman said. “It’s a balancing act that we’re able to optimize these activities on a given property, and we see a lot of clients who have both on a particular property. “

Kleman said the move to Private Wealth was a chance to be more responsive to client needs, with less corporate overhead on his time. And with many of the firm’s 40 team members in offices in Iowa, Nebraska, and Texas, other clients may benefit from the specialization.

“You can look at the Edward Joneses of the world, and you can look at a lot of these other RIAs and say, ‘I have a portfolio of stocks that I would like you to manage,’” Frazier said. “But if you also tell them ‘I have these huge interests in oil and gas, or I have these several farms and ranches that I need someone to run’, they’ll look at you and say, “I don’t know what to tell you. I don’t have anyone here who can do that,” Frazier said.

Both advisers will keep their bases in Texas, with Frazier operating in Fort Worth and Kleman in San Antonio, but will work with clients across the country.

“At the end of the day, those inherited assets that may have been held in their families, sometimes for generations, may not make up the biggest part of their wallet,” Frazier said. “But it’s probably the most important.”


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