Celia Rafalko, former managing director at Wachovia Securities, founded Rafalko Investment Advisory in 2009. Piedmont, founded in 2005, offers investment and fiduciary risk management to 401(k) plan participants and sponsors. Piedmont’s headquarters will relocate from Lansdowne, Virginia, to Richmond, but the firm will maintain offices in northern Virginia and the greater Philadelphia area.
Kevin O’Neill, senior vice president for business development and Amanda Dawson, client services director, will both stay with the firm.
“By managing client assets, Piedmont can help plan participants attain better investment outcomes while also maintaining lower fees,” said Rafalko. “Piedmont has the experience and expertise to identify the risks carried by the plan sponsors, remediate them and, by acting as fiduciary, assume some of that risk while helping the participants get a better investment outcome.”