Indianapolis-based Cooke Financial Group LLC, which oversees $1.7 billion in assets and is one of the top financial-advisory firms in the state, is moving its 11-person team from Wells Fargo Advisors LLC to David A. Noyes & Co.
The deal, which closed Friday, gives a big boost to Noyes, which was founded in Chicago in 1908 and has had an Indianapolis office for 80 years. The Cooke office will be the largest of Noyes' seven outposts in Indiana, Illinois and Michigan.
Cooke Financial, led by brothers Chris Cooke and Brian Cooke, has frequently received national recognition over the years. For example, Barron's ranked Brian No. 7 on its 2016 list of best financial advisers in Indiana. In addition, The Financial Times this year ranked Chris and Brian among the nation's top 400 advisers. In 2006, IBJ named Brian one of its Forty Under 40 honorees.
Both men are joining Noyes as partners.
“We’re buying into Noyes and becoming part-owners of the firm,” Chris Cooke told IBJ. The brothers declined to say how much they were paying.
The Cookes’ father, John Cooke, founded Cooke Financial Group in 1969. The firm offers investment consulting and financial planning to wealthy individuals and families, not-for-profits, institutional clients, retirement plans and trusts.
Cooke Financial plans to retain all its employees and its current office space at 8888 Keystone Crossing, which it will sublease from San Francisco-based Wells Fargo.
And Cooke will continue its relationship with First Clearing Corp., a Wells Fargo affiliate that provides financial custody and clearing services.
“This is all on a friendly basis. This really doesn’t happen in our world,” Brian Cooke said.
Noyes’ Indianapolis market leader, Jim Longstreth, said in a statement: “This is a highly strategic merger and an ideal cultural fit between two successful firms."
Longstreth is the branch manager of Noyes’ other local office, at 250 W. 96th St.
The chance to move to Noyes was appealing, the brothers said, because it will enable their team to offer new products and services. In particular, Noyes has an investment banking division, which is unusual for firms of its size.
“We’re really excited about our vision. Our growth potential for the future should be great,” Brian Cooke said.