Dec 5 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
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
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.