ON THE MOVE-Washington Wealth adds teams with $300 mln in assets

Wed Dec 5, 2012 4:44pm EST

Dec 5 (Reuters) - Washington Wealth Management LLC, an independent advisory firm that has expanded by hiring away top talent from major U.S. brokerages, said on Wednesday it added two veteran teams that manage more than $300 million in client assets.

The new teams, based in California and Washington state, are led by advisers from Bank of America Corp's Merrill Lynch and Wells Fargo & Co's Wells Fargo Advisors.

In San Diego, Washington Wealth Management added the California Wealth Transitions team, led by veteran adviser Keith Brandt. Brandt, who has worked in the advising industry for three decades, had previously been with Merrill.

In the greater Seattle area, the Overlake Partners team joined Washington Wealth Management. Overlake Partners is led by veteran adviser John Wilbourne, who has worked in the industry for two decades, most recently with Wells.

With these new recruits, San Diego-based Washington Wealth Management now has more than $1 billion in client assets managed by its adviser teams, a nine-fold increase from last December when the firm had $100 million in assets under management.

The firm has marketed itself as an opportunity for financial advisers to break away from traditional wirehouse relationships and cultures found at larger banks. Advisers who joined Washington Wealth also receive a higher percentage of their fees and commissions than what is typically offered at most big firms.

Washington Wealth said in October it joined LPL Financial LLC, the largest U.S. independent broker-dealer by revenue. The move came as the firm said it looks to expand its adviser footprint and asset base across the country.

Boston-based LPL Financial, a wholly owned subsidiary of LPL Financial Holdings Inc, provides brokerage, clearing and other professional services to roughly 13,100 self-employed brokers and advisers.