From the Wires
Washington Wealth Management LLC Opens Seattle Office, Adds Advisor Team In San Diego And Crosses $1 Billion In Recruited AUM
- California Wealth Transitions and Overlake Partners Bring Veteran Advisors with Over $300 Million in Collective Client Assets -
By: PR Newswire
Dec. 5, 2012 09:15 AM
SAN DIEGO, Dec. 5, 2012 /PRNewswire/ -- Washington Wealth Management LLC (WWM or "the firm"), an independent hybrid Registered Investment Advisor (RIA) supporting fee and commission-based independent advisor teams across the nation, today announced that the firm has recruited to its platform two leading West Coast financial advisory groups, California Wealth Transitions and Overlake Partners.
The addition of California Wealth Transitions and Overlake Partners underscores WWM's rapid growth over the course of the past year, bringing total recruited assets under management (AUM) on the WWM platform to over $1 billion, and further cements the firm's mounting reputation as an ideal destination for talented former wirehouse advisors transitioning to the independent space. Upon completion of the transition of these two practices by the end of 2012, WWM's recruited AUM will have increased 900% over the past twelve months, compared against $100 million in AUM in December 2011.
Rob Bartenstein, CEO of Washington Wealth Management LLC, said, "We are delighted that both California Wealth Transitions and Overlake Partners have chosen to partner with us. Each group is singularly unique, comprised of driven, successful professionals who share our vision of the value our firm can add to independent financial advisor teams. At WWM, we recognize that independence is the target but freedom is the goal. We're providing these teams with a greater share of freedom in their day to day activities, allowing them to focus on client needs and client service- areas where they are both world class. In addition, our directors in the field are actively working with all of our teams to identify opportunities for growth, whether one client at a time, or by wholesale acquisition of other practices."
Based immediately outside Seattle in Bellevue, WA, Overlake Partners is an independent financial advisory practice that focuses on delivering an integrated set of products and services to its clients. Grounded by core wealth management principles that place an emphasis on asset allocation, tax efficiency, risk management and liquidity, the practice creates individualized financial planning strategies for every client, each of whom possesses an entirely unique set of circumstances. As an independent firm, Overlake Partners allows its advisors to offer solutions based solely on their own thorough analysis and years of experience. The practice is led by John Wilbourne, Principal at Overlake Partners, who has over 18 years of industry experience and was most recently with Wells Fargo Advisors.
California Wealth Transitions, which is headquartered in San Diego, CA, brings together a team of former wirehouse advisors who offer a unique and comprehensive approach to estate and investment planning. Its advisors seek to preserve wealth, generate growth and provide income for clients throughout an individual's entire lifecycle, with a particular focus on providing comprehensive support through critical life-changing events that necessitate significant financial planning – including marriage, retirement, small business liquidity events and inheritances. The practice has a built-in framework of skilled professionals that focus on giving clients sound counsel, flawless execution and financial peace of mind in the short, intermediate and long term. California Wealth Transitions is led by Keith Brandt, the practice's President, who was previously with Merrill Lynch and has nearly 30 years of industry experience.
John Wilbourne, Principal at Overlake Partners, said, "Following an exhaustive search for a firm that specifically fit our support and service needs, our practice is delighted to be affiliating with Washington Wealth Management. Years of operating within the wirehouse model have made us appreciate the value of teaming with a strategic partner whose execution of service and support offerings give practices the freedom to fully focus on their client relationships while developing their own distinctive brands within the industry. We thank Washington Wealth Management for transitioning our business to their platform in an extremely well-coordinated, seamless and expedited fashion."
Keith Brandt, President of California Wealth Transitions, said, "Making the decision to go independent has been very liberating for our practice, and while there were a large number of potential partners to team up with, it became clear from the start that Washington Wealth Management's platform could best support our unique approach to estate and financial planning, while enabling strong growth for our firm over the long term. Investors need to have specialized advice as they embark upon each important stage in their lives, and by providing exceptional behind-the-scenes support and expertise, Washington Wealth Management enables us to focus entirely on our clients."
Mr. Bartenstein concluded, "These newly added practices represent the conclusion of an outstanding recruiting year for Washington Wealth Management. As we head into 2013, we look forward to continuing our remarkable track record of robust recruiting and AUM growth by continuing to provide advisor teams that choose our platform with an extraordinary level of support and service that is second to none in our industry."
About Washington Wealth Management
About Overlake Partners
About California Wealth Transitions
SOURCE Washington Wealth Management LLC
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