Hen­rico fi­nan­cial ad­viser has parted ways with Wells Fargo

Richmond Times-Dispatch Weekend - - BUSINESS - BY GRE­GORY J. GIL­LI­GAN ggilli­gan@times­dis­patch.com (804) 649-6379

Dalal Maria Salomon, ranked among the top fe­male fi­nan­cial ad­vis­ers in the United States, has been af­fil­i­ated with Wells Fargo and its pre­de­ces­sor fi­nan­cial bro­ker­ages for more than 30 years.

But Salomon, the CEO and found­ing part­ner of Salomon & Lud­win LLC in­de­pen­dent bro­ker­age prac­tice in Hen­rico County, has parted ways with Wells Fargo. Her firm, which she and part­ner Daniel Lud­win founded in 2009, is no longer af­fil­i­ated with Wells Fargo Ad­vi­sors Fi­nan­cial Net­work.

In­stead, Salomon & Lud­win is now an in­de­pen­dent regis­tered in­vest­ment ad­viser through TD Amer­i­trade In­sti­tu­tional.

“Some peo­ple thought it was be­cause they have had all of this bad press, and that cer­tainly played a role in it,” Salomon said about how Wells Fargo re­mains un­der fed­eral probes and reg­u­la­tory re­stric­tions two years af­ter a 2016 scan­dal ac­cus­ing the com­pany’s em­ploy­ees of cre­at­ing mil­lions of unau­tho­rized cus­tomer ac­counts to meet ag­gres­sive sales goals.

“The big­gest rea­son is what we do for our clients is not cook­iecut­ter,” she said.

“We are so cus­tom­ized and so­phis­ti­cated that the tools and the sys­tems in a big bro­ker­age, whether it is Wells Fargo or any other big in­sti­tu­tion, use plat­forms for the masses,” she said. “We are not like that. We re­ally need to con­tinue be­ing avant­garde in what we of­fer and how we ser­vice our clients and com­mu­ni­cate to our clients. That is the big­gest rea­son for the change.”

As part of the switch, the firm went from a bro­ker-dealer rep­re­sen­ta­tion to an in­de­pen­dent regis­tered in­vest­ment ad­viser. The mis­sion of bro­ker-dealer rep­re­sen­ta­tives is to make sure in­vest­ment ad­vice is suit­able to the clients, while in­de­pen­dent regis­tered in­vest­ment ad­vis­ers fol­low fidu­ciary rules that the in­vest­ment ad­vice is con­sid­ered in the best in­ter­est of the client.

The word­ing may be sub­tle, she said, but it is a big dif­fer­ence. “A regis­tered in­vest­ment ad­viser is much more strin­gent and more in­clu­sive. You are putting your­self in the client’s shoes and com­ing up with a plan that al­ways has their best in­ter­est,” she said.

Salomon be­gan work­ing for Wheat First Se­cu­ri­ties in 1984 in its pri­vate client group, work­ing directly with clients, and stayed with the firm, which be­came Wa­chovia Se­cu­ri­ties and later Wells Fargo Ad­vi­sors.

She and Lud­win left Wells Fargo Ad­vi­sors in 2009 to be part of the Wells Fargo Ad­vi­sors Fi­nan­cial Net­work, the com­pany’s in­de­pen­dent bro­ker­age chan­nel, to form Salomon & Lud­win. The firm tran­si­tioned to op­er­ate as a regis­tered in­vest­ment ad­viser with TD Amer­i­trade in April. It an­nounced the switch Fri­day.

Her firm now has about $1 bil­lion in client as­sets un­der man­age­ment.

Salomon is among 16 ad­vis­ers who have been on the Bar­ron’s Amer­ica’s Top Women Ad­vi­sors list ev­ery year since its in­cep­tion in 2006. The firm also has been named to the weekly fi­nan­cial news­pa­per’s Top 1,200 Wealth Ad­vi­sors in the United States list ev­ery year since 2009.

2015, TIMES-DIS­PATCH

Dalal Salomon, CEO of Salomon & Lud­win LLC, said, “What we do for our clients is not cookie-cut­ter.”

Lud­win

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