HB Wealth, the Atlanta-based independent wealth firm, has put down roots in Charlotte’s Elizabeth neighborhood after recruiting a five-person team from J.P. Morgan’s private bank. The move instantly hands HB Wealth a serious local presence in the Queen City and brings relationships tied to roughly $15 billion in client assets along for the ride. Not a bad way to introduce yourself to a new market.
Local foothold built on a hire
HB Wealth quietly entered the Charlotte market in October, then locked in a permanent office this February at Elizabeth on Seventh, according to Charlotte Business Journal. The space sits in the Elizabeth on Seventh building at 1942 E. Seventh St., placing the firm among a growing cluster of new, amenity-heavy offices that have been reshaping the neighborhood.
Five-person team brings scale
Industry reports say the five-person group had been overseeing about $15 billion in client assets at J.P. Morgan Private Bank before making the jump. FA‑Mag covered the lift-out and the firm’s announcement of its Charlotte office, noting the significant scale the team delivers on day one.
HB Wealth's growth strategy
HB Wealth lists roughly $29 billion in assets under management on its website and has been leaning on both hiring and acquisitions to bulk up. HB Wealth describes the Charlotte push as part of a broader Southeast expansion, backed by recent deals and a rebranding effort that aims to sharpen the firm’s identity in competitive wealth markets.
Why Charlotte?
Charlotte remains one of the country’s heavyweight banking hubs, home to Bank of America’s global headquarters and a major Wells Fargo footprint, which makes it catnip for wealth managers chasing high-net-worth clients. Fortune has long flagged Charlotte as the nation’s second-largest banking center behind New York, a status that continues to attract RIAs looking for scale and deal flow.
Elizabeth on Seventh offers Class A space
HB Wealth’s new office sits inside Elizabeth on Seventh, a four-story Class A+ mixed-use property delivered in 2022. The building at 1942 E. 7th Street was recently sold to institutional buyer Invesco, according to a CBRE market brief cited by Meck Times, which highlighted the project’s modern finishes, LEED credentials and healthy leasing activity in a submarket that is not shy about premium space.
What this means for advisors
Recruiting entire private-banking teams has become a go-to play for RIAs that want to scale fast, and outlets have followed similar moves across the Southeast. Financial Planning has tracked the trend of large-bank teams decamping for independent platforms. In a press release via HB Wealth, CEO Thomas Carroll said, “We’re excited to welcome this talented team.”
For HB Wealth, the Charlotte office provides an instant base to court ultra-high-net-worth families and private business owners throughout the region. The next subplot to watch is how much of that roughly $15 billion in client relationships ultimately follows the team and whether this move sets off a fresh round of recruiting battles in Charlotte’s already crowded wealth arena.
