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December 05, 2012 at 09:21 AM
San Diego-based Washington Wealth Management, an independent hybrid RIA that uses LPL Financial (LPLA) as a broker-dealer, said early Wednesday that it recruited two large FA teams to its wealth platform: California Wealth Transitions and Overlake Partners. For Washington Wealth, this means more than $1 billion in recruited assets under management in 2012, a jump of 900% over the past 12 months vs. $100 million in recruited AUM in 2011.
“We are delighted that both California Wealth Transitions and Overlake Partners have chosen to partner with us,” said Washington Wealth CEO Rob Bartenstein (left), in a press release. “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.”
Washington Wealth says that it was founded by several former wirehouse employees, such as Bartenstein, who worked for Merrill Lynch (BAC). It also targets wirehouse and former-wirehouse advisors for its platform.
“At WWM, we recognize that independence is the target but freedom is the goal,” Bartenstein said. “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.”
The two wealth-management groups joining its platform are based on the West Coast: Overlake Partners of Bellevue, Wash., and California Wealth Transitions of San Diego.
