Typifying a growing trend in the independent advisory industry, two big California wealth management firms--Kochis Fitz of San Francisco and Quintile Wealth Management of Los Angeles--said Nov. 12 that they will merge their two firms into a new entity, effective January 1, 2008.
The new firm will manage or advise on more than $5 billion in client assets, according to the companies, and will initially be called Kochis Fitz/Quintile "while a new name is identified." The firm will have 68 employees, will have as clients 385 individuals and families, and will be headquartered in San Francisco.
Kochis Fitz co-founder and CEO Tim Kochis, winner of the first Charles R. Schwab Impact Award in 2006, will serve as CEO of the merged firm until "mid- to late 2009," according to the companies; Rob Francais, a Quintile founder and its current CEO, will succeed Kochis as CEO by the end of 2009.
With the naming of 18 new principals from both Kochis Fitz and Quintile as equity participants in the combined firm, Kochis Fitz/Quintile will have 32 employee-owners. That will allow the firm to finance future growth, said Kochis in a statement, without relying on third-party capital.