September 12, 2013

Ex-Ameriprise Rep Opens TrestleBridge, Affiliates With LPL

Meanwhile, LPL-affiliated Washington Wealth rolls out platform for advisors who want to work remotely

TrestleBridge Capital said early Thursday that is now doing business as an independent financial firm with $100 million in brokerage and advisory assets under management and is trading securities through LPL Financial (LPLA).

Austin, Texas-based TrestleBridge, which has five employees, is set to focus primarily on providing nationwide wealth management services to high-net-worth clients, as well as mass affluent investors.

LPL closed its NewstWise platform, which aimed to serve the middle market, last month.

"We are delighted to welcome TrestleBridge Capital to our platform,” said Bill Morrissey (left), executive vice president of business development for LPL, in a press release. “Andrew Gonski and his team of professionals have a growing and dynamic firm that we look forward to supporting with industry-leading tools and resources so they can provide their clients with quality independent advice.”

In addition to brokerage services, LPL Financial will provide TrestleBridge with technology, research and practice-management tools to build and grow its business.

“We are extremely excited to launch our new firm, which fulfills a need for truly independent financial counsel that is in rising demand in both Texas and across the nation,” said Gonski, principal of the firm and an ex-Ameriprise independent advisor, in a statement.

“Mass affluent and high-net-worth investors are seeking a hands-on advisor who can connect them seamlessly with the sophisticated financial solutions, while integrating these solutions within a broader holistic plan that supports their life goals,” the 15-year industry veteran added.

In addition to working with LPL, TrestleBridge Capital advisors is partnering with Flagship Harbor Advisors, an RIA firm in Boston, to offer fee-based services. The Texas firm is registered to do business in 17 states.

Washington Wealth Launches

In other news, Washington Wealth Management, an independent, multicustodial hybrid RIA that also trades securities through LPL, said it had launched its MobilitySelect platform for advisors to use for remote management of their practices. 

"As the independent advisory space continues to grow dramatically, one core group of professionals in our industry that continues to be overlooked and underserved are experienced financial advisors that work remotely from traditional office environments,” said Rob Bartenstein, CEO of San Diego-based Washington Wealth, in a press release.

“From older advisors who no longer require a full office to service their clients, to newly independent advisors seeking to streamline their expenses, to working parents who want to cut down on their commuting so they can maximize time with their families, the reasons for wanting to work away from a traditional office environment are manifold,” Bartenstein added.

Plus, he says, this group of advisors is one of the fastest growing in the industry. The MobilitySelect platform, Bartenstein adds, "enables us to actively supervise these advisors in a way that protects them and their clients while also empowering their continued growth.”

The platform allows advisors to affiliate with the WWM RIA and have access to all attendant compliance and supervisory services; use WWM RIA’s technology and management solutions, support and problem-resolution services; and rely on its on-site pre- and post-transition assistance and services.

“Technology and demographic trends have created a new frontier of opportunity for our firm with experienced, successful advisors who have chosen to work remotely from an office, and are looking for a committed partner who truly understands and can deliver on their particular needs,” Bartenstein said. 

Last month, Washington Wealth recruited an advisor team from Wells Fargo Advisors to its platform with about $220 million in assets. At the time, it said, that this meant the hybrid-RIA was nearing $1 billion in total client assets under management.

 

Close single page view Reprints Discuss this story
This is where the comments go.