Recruiting is strong for hybrid RIAs.

Washington Wealth Management, an independent hybrid RIA, said Thursday that it added two advisors to its operations in Salt Lake City.  

Advisors Eddie Barber and Russ Tobler are now affiliated independent advisors, after departing from RBC Wealth Management; the two have combined client assets of about $180 million.

“We went into the transaction with National Financial Partners with 12 advisors in March of this year and will finish with 12 more,” said Rob Bartenstein, CEO of the hybrid RIA, in an interview with ThinkAdvisor. “This means we have doubled our number of advisors in three-quarters of a year. Growth in Washington Wealth Management, after the acquisition [by NFP] can only be called explosive.”

“We are very optimist about growth in 2015. The pipeline is robust, and there’s no reason to believe our growth will not continue,” Bartenstein explained.

Just a few months ago, Washington Wealth recruited two advisors from RBC, which helped pave the way for further recruiting.

“We talking to advisors at the different firms,” the executive said. “These folks knew each other, and the [first team to leave] shared the story of their good transition with others. It’s a feather I our cap when there’s a good transition, and that helps to bring in follow-up advisors.

Washington Wealth continues to reach out to advisors with all firms in the Salt Lake City area, he adds, because the demand for wealth management services is strong and growing.  

“We are talking with advisors with mature businesses,” said Bartenstein, “and they feel they can extract more value from being independent and creating a brand for themselves with us, as all four [of the ex-RBC advisors] have done.”

The hybrid-RIA expected more growth in the area with potentially one or two more offices, he adds.

“We certainly could do this [type of expansion] elsewhere,  like in Seattle; Portland, Oregon; Scottsdale, Arizona, or Phoenix; Austin and Houston. It’s wouldn’t be a surprise to see us in those markets.”

NFP Advisor Services is based in Austin, while Washington Wealth has its headquarters in San Diego.