The boutique firm, which caters to ultrahigh-net-worth clients and has some $11 billion in assets, also says it wants to double the level of assets it manages over the next five years by bringing in more partners and clients.
Charles Winn joins the group in New York, where he will support the group’s business development and client relations. The 20-year industry veteran will split his time between New York and Los Angeles.
“There’s nobody else like Charlie, who is joining us at the senior level,” said Convergent President and COO Douglas Wolford, in an interview with ThinkAdvisor. “He will work with us [to attract] other advisors and professionals with certain specialties to join the firm.”
The boutique wealth business is a “different model” in the industry, Wolford explains. “We are required to be and strive to be as conflict-free as we possibly can, and we are not selling any of our [branded] services or products. We are seated on the same side of the table as the client. It’s a big plus.”
“I was drawn to Convergent by the quality of its management, size, entrepreneurial spirit, extreme client focus and vision,” said Winn in an interview. “It’s a perfect fit.”
Most Convergent clients have between $1 million and $1 billion of investable assets. The average level they place with the RIA firm is about $25 million.
“In the wealth world, the secret sauce is knowing as much of the clients’ interests and background as you can,” Wolford says.