Courtesy of Roseate Group
Team Name: Roseate Group
Firm: Wells Fargo Advisors
Senior Members: Robert Vingi, Jr., David McCallum, Howard D. Edwards, Wendy Brewer, Aaron L. Barber
Location: Charleston, SC
Team Custodied Assets: $3 billion
Background: Founded in 2003 by Robert Vingi Jr. and Howard D. Edwards, the Roseate Group of Wells Fargo Advisors has grown into a ten-member wealth-management practice in Charleston, South Carolina. David McCallum joined the team that same year after starting his career with Donaldson Lufkin & Jenrette (DLJ), where he helped open a private-client office in Chicago. Soon after, Aaron L. Barber, joined as an analyst and portfolio manager and later became a partner, while Wendy Brewer came from Wells Fargo Private Bank’s planning unit to lead family-education initiatives. The team today advises roughly 300 families, many of them business owners or commercial-real-estate investors who have built their wealth through private enterprise. “We’re now very focused on the next generation—gen two and gen three,” says McCallum. “A lot of what we do now revolves around education, family meetings and business succession.”
Client Relationships: The group’s relationships often expand as younger generations assume more responsibility. “A lot of times it’s more high-level and cultural,” he explains. “We teach the next generation how this wealth came to be, why it’s important and what the responsibilities are.” Beyond family meetings, the team has also introduced a popular monthly webinar series that began as market updates during volatile periods but has grown to cover broader issues such as wellness and aging. Recent sessions featured physicians from the Medical University of South Carolina and experts on aging-in-place resources. “There are more and more ways to help people age at home,” says McCallum. “For younger generations, that’s a stress point, so we help them plan for their aging parents—financially and emotionally—and introduce community resources.”
Competitive Edge: McCallum cites the team’s depth and specialization: “Between our investment and planning expertise, we’ve brought all the resources together to meet clients’ needs.” The Roseate Group also runs portfolios internally, maintaining full discretionary control. “Managing primarily in-house gives us complete tax control over investment portfolios, and many of our clients collaborate with us on strategy discussions,” says McCallum.
Investment Strategy: Most clients come to the Roseate Group already financially secure, often nearing retirement or succession transitions. “We focus our portfolios on high-quality equity and fixed-income investments,” McCallum says. “Tax circumstances vary, so we manage each relationship individually.” The team prioritizes liquidity so clients can access cash whenever needed and tailors each account for tax efficiency. Portfolios typically hold individual stocks, bonds and ETFs in order to provide flexibility. Because many clients already have exposure to illiquid assets such as private businesses or commercial real estate, the team generally refrains from layering on more alternatives. “The only alternative position we maintain across portfolios is a 3-to-5 percent allocation to gold—and that’s served our clients very well,” says McCallum.
Market Outlook: McCallum acknowledges both corporate-profit strength and stretched valuations tied to AI-related exuberance. “Valuations are a bit concerning to clients, but we take a long-term view,” he says. “Short-term corrections—when, not if they happen—don’t concern us; we try to take advantage of them to rebalance.” Looking into 2025, he expects “a more normalized market” with moderate returns and bouts of volatility. “If AI’s pace proves unsustainable, that’s fine—we’ll use volatility to rebalance or add to equity positions where appropriate.”
Best Advice: “The theme we repeat most is: it’s never too early to plan for aging,” says McCallum. “Too many people wait until there’s a life event, and by then, the resources they need aren’t available on short notice.” He also stresses the importance of capacity: the team consciously limits its client base to ensure personalized service. “We want to spend the time our clients deserve,” he says. “That’s very important to us—to take care of our base and not be spread too thin.”
