Press Releases

PRESS RELEASES

Allium Financial Advisors Launches

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PORTLAND, Ore., Oct. 5, 2016 /PRNewswire/ — Allium Financial Advisors launched today on the tru Independence platform. The financial advisory practice is based in Portland, Ore., the group was responsible for approximately $1 billion in assets, and was previously with Arnerich Massena, Inc. The team is led by Sheree Arntson, Managing Director.

“We are thrilled to launch Allium Financial Advisors on the tru Independence platform and continue our team’s long tradition of working closely with clients in support of their financial goals,” said Arntson. “Launching Allium Financial Advisors is an ethical, intellectual, and deeply personal opportunity to shape our own culture and establish a higher standard of service and performance within our industry.”

Arntson joined Arnerich Massena in 1994, where she provided leadership and oversight of the firm’s wealth management services. Her responsibilities during her 22-year tenure included: client portfolio management, client relations, and the design and implementation of client investment and retirement planning education programs.

Allium Financial Advisors will serve high-net-worth families and non-profit organizations nationwide.

“Our team works tremendously well together, and we look forward to deepening our relationships and forging new ones as Allium Financial Advisors,” added Arntson.

tru Independence partners with financial advisory practices to provide them with the platform and resources needed to establish and operate their own independent firms. Allium Financial Advisors selected tru Independence for its middle- and back-office capabilities, state-of-the-art technology and institutional research from tru Independence’s open-architecture platform.

“The Allium team is a focused, talented and experienced group of professionals who have been serving families and institutions across the U.S. for over two decades. We are committed to helping them build  a substantial and well-run practice,” said Craig Stuvland, President and CEO, tru Independence.

For media inquiries, please contact Tony Kono at (646) 922-7767 or tkono@jconnelly.com.

About tru Independence

Through uncompromising investment in people and technology, tru Independence delivers a premier consulting and services platform for wealth management firms seeking independence. The firm diligently focuses on and invests in three core disciplines—investment consulting, business consulting and new business development.

To deliver unrivalled excellence, tru Independence leverages key relationships by outsourcing to the best providers and platforms. The company’s consultative process is defined by simplicity, clarity and transparency, grounded on the belief that its partners can best control their future by owning the equity of their firms. Drawing upon decades of industry experience, tru Independence is committed to ensuring that its partners maximize their enterprise value. For more information, please call (971) 371-3444 or visit us at www.tru-ind.com.

Pure Portfolios Launches on tru Independence Platform

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PORTLAND, Ore., Aug. 1, 2016 /PRNewswire/ — tru Independence announced today that RIA Pure Portfolios has launched on the tru Independence platform.

Nik Schuurmans, CFA and founder of the Pure Portfolios business model (www.pureportfolios.com) has more than 13 years of experience in the financial industry.  Pure Portfolios is trailblazing ways to better align performance with client expectations including, for a subset of qualified clients, being more accountable for investment results by tying fees to client performance. Additionally, Pure is an advocate for change in the financial services industry and believes in promoting better investor outcomes. Formerly with U.S. Trust, advising $200 million in client relationships, Schuurmans’ expertise includes portfolio management, fixed income, portfolio construction and wealth planning.

“Craig and the tru Independence team are highly professional, competent and transparent partners who fully understand the Pure vision and appetite for disruption,” said Mr. Schuurmans. “Their open architecture platform and other supportive resources allow me to focus my time and energy on the mission I’m passionate about: improving the way people invest.”

Founded in 2014, tru Independence supports advisors in the areas of business formation, legal/compliance, technology, an institutional investment platform, custodians, broker-dealers and more. Over the last two years, the firm has helped a variety of accomplished financial advisors launch and grow their businesses.

“tru Independence empowers entrepreneurial financial advisors to build and own successful independent practices,” said Craig Stuvland, president and CEO, tru Independence. “We are pleased to support the distinct vision of Pure Portfolios during an exciting time of growth for both of our businesses.”

For media inquiries, please contact Tony Kono at (646) 922-7767 or tkono@jconnelly.com.

About Pure Portfolios

We believe investment managers need to get back to the fundamental reason the industry exists: to grow client assets. Pure Portfolios strives to align performance with client expectations and, for qualified clients, if we fail to do our job, we receive less compensation.

Pure builds custom portfolios aimed at reducing the cost of owning financial assets and striving to maximize net after-tax returns. In addition, we will never employ salespeople. We are asset managers, not asset gatherers.

By putting investors first, Pure can raise the standards of professional conduct within investment management. Through education, promoting the highest ethical standards, and providing each client with a Statement of Investor Rights we will be an advocate for change. For more information, please visit www.pureportfolios.com.

About tru Independence

Through uncompromising investment in people and technology, tru Independence delivers a premier consulting and services platform for wealth management firms seeking independence. The firm diligently focuses on and invests in three core disciplines—investment consulting, business consulting and new business development.

To deliver unrivalled excellence, tru Independence leverages key relationships by outsourcing to the best providers and platforms. The company’s consultative process is defined by simplicity, clarity and transparency, grounded on the belief that its partners can best control their future by owning the equity of their firms. Drawing upon decades of industry experience, tru Independence is committed to ensuring that its partners maximize their enterprise value. For more information, please call (971) 371-3444 or visit us at www.tru-ind.com.

Kohala Capital Partners Selects tru Independence Platform

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PORTLAND, Ore., April 4, 2016 /PRNewswire/ — tru Independence announced today that Kohala Capital Partners has selected the tru Independence platform to provide back-office support for the firm. Kohala Capital Partners is an emerging investment management firm that provides services to both institutional and high-net-worth investors utilizing a Small-Cap Core equity strategy.

“Kohala Capital Management joins the tru Independence community as a high-quality money management firm positioned to grow,” said Eric Warlick, Managing Partner, tru Independence. “We are pleased to welcome their talented team onto our platform and eager to support that growth.”

Kohala Capital Partners is based in Portland, Oregon. The firm was founded in October 2011 by Managing Directors Gaylord Lyman and Thierry Wuilloud. Prior to launching Kohala, Lyman and Wuilloud were members of the investment team at Becker Capital Management. The Kohala investment team also includes Managing Director David Jellison, who was previously a member of the investment teams at Columbia Management Company and RCM Capital Management. Collectively, the team possesses over 50 years of combined small-cap investment experience.

The firm’s Small-Cap Core strategy is based on the belief that stocks can experience pricing inefficiencies when investors attempt to process new or changing information. Given its philosophy, the Kohala team focuses on quality companies and seeks to invest in them only after negative changes in investor sentiment have caused significant price disruption, pricing the security below its longer-term intrinsic value. Kohala’s strategy targets high-quality, low-expectations situations, and generates alpha based on fundamental improvements and resulting changes in investor sentiment of its holdings.

“The team at tru Independence shares the entrepreneurial spirit that complements our culture at Kohala Capital Partners,” said Lyman. “Their operational expertise, best-in-class resources and robust technology solutions make them the ideal partner with whom to align to serve our existing business needs as well as support our future growth opportunities.”

tru Independence provides the open-architecture platform and supporting resources that wealth managers and other financial services firms need to establish and operate their own independent businesses.

For media inquiries, please contact Tony Kono at (646) 922-7767 or tkono@jconnelly.com.

About Kohala Capital Partners

Kohala Capital Partners, LLC is an emerging investment management firm serving the needs of institutional and high-net-worth investors. We focus our investment activities on the U.S. small-cap market, a segment of the market where inefficiencies create opportunities to deliver alpha from our active management style. For more information, visit www.kohalacap.com.

About tru Independence

Through uncompromising investment in people and technology, tru Independence delivers a premier consulting and services platform for wealth management firms seeking independence. The firm diligently focuses on and invests in three core disciplines—investment consulting, business consulting and new business development.

To deliver unrivalled excellence, tru Independence leverages key relationships by outsourcing to the best providers and platforms. The company’s consultative process is defined by simplicity, clarity and transparency, grounded on the belief that its partners can best control their future by owning the equity of their firms. Drawing upon decades of industry experience, tru Independence is committed to ensuring that its partners maximize their enterprise value. For more information, please call (971) 371-3444 or visit us at www.tru-ind.com.

Washington Park Advisors Launches on tru Independence Platform

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PORTLAND, Ore., March 1, 2016 /PRNewswire/ — Washington Park Advisors launched today on the tru Independence platform. The four-person wealth management practice based in Portland, Ore. currently oversees approximately $400 million and was previously with Lateef Investment Management. Washington Park Advisors is the eighth team to partner with tru Independence since its launch in 2014. The team includes Larry Frager, Head Portfolio Manager; Paul Wittman, Managing Director/Portfolio Manager; Matt Schaefer, Director of Operations; and Patricia Jones, Office Manager.

“We are excited to launch Washington Park Advisors and to continue our long tradition of working closely with clients in support of their financial goals,” said Frager. “Partnering with tru Independence gives our team outstanding resources and enables us to focus our time and energy on serving clients.”

Frager practiced law for a decade before beginning his career in the investment management business. He joined Lateef in 1982, where he spent over 30 years heading the investment research process and managing client portfolios. Wittman joined Lateef in 1994, where he managed client portfolios, conducted investment research, and headed the portfolio trading activity and client relationships.

“Larry and I look forward to deepening our existing client relationships and forging new ones as Washington Park Advisors,” said Wittman.

The team at Washington Park Advisors has decades of experience managing both balanced and equity portfolios for corporations, foundations/endowments, high-net-worth individuals and retirement accounts. Their primary investment philosophy revolves around the absolute level of earnings rather than the velocity of the growth of earnings. The team’s research focuses on dividends, based on its philosophy that determining the quality of a dollar in dividends can be more reliable than determining the quality of earnings.

tru Independence partners with financial advisory practices to provide them with the platform and resources needed to establish and operate their own independent firms. Washington Park Advisors selected tru Independence for its middle- and back-office capabilities, state-of-the-art technology and institutional research from tru Independence’s open-architecture platform.

“The Washington Park Advisors team exemplifies the dedication and spirit of the independent financial advisors we serve on the tru Independence platform,” said Craig Stuvland, President/CEO, tru Independence. “We are pleased to partner with Larry, Paul and their team in supporting and helping them to continue to grow their business,” added Eric Warlick, Managing Partner.

For media inquiries, please contact Tony Kono at (646) 922-7767 or tkono@jcprinc.com.

About Washington Park Advisors

Washington Park Advisors is a Portland-based investment advisory firm serving corporations, foundations and endowments, high-net-worth individuals, and retirement accounts. The Washington Park Advisors team has been taking care of clients’ financial well-being for more than thirty years with a diligent, discerning and disciplined approach to investing. For more information, please visit http://waparkadvisors.com.

About tru Independence

Through uncompromising investment in people and technology, tru Independence delivers a premier consulting and services platform for wealth management firms seeking independence. The firm diligently focuses on and invests in three core disciplines—investment consulting, business consulting and new business development.

To deliver unrivalled excellence, tru Independence leverages key relationships by outsourcing to the best providers and platforms. The company’s consultative process is defined by simplicity, clarity and transparency, grounded on the belief that its partners can best control their future by owning the equity of their firms. Drawing upon decades of industry experience, tru Independence is committed to ensuring that its partners maximize their enterprise value. For more information, please call (971) 371-3444 or visit us at www.tru-ind.com.

Encompass Wealth Advisors Expands Practice

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Experienced Principal Rick Conway & Rubicon Global Advisors CEO Mohammad Saeed Rahman Transition to Encompass a Year after its Launch in Partnership with tru Independence

PORTLAND, ORE.—October 21, 2015—Encompass Wealth Advisors has added veteran wealth managers Rick Conway, a principal who coordinates services for high-net-worth individuals, and Mohammad Saeed Rahman, Chairman and Chief Executive Officer of Rubicon Global Advisors, to its practice as part of its ongoing growth. The Encompass team now has more than 150 years of combined experience, as well as an enhanced set of specialized capabilities and an expanded geographic reach with which to help clients reach their long-term financial goals.

“Like us, Rick and Mohammad possess a client-centric mindset which drives them to learn as much as they can about clients and their families, and use that deep understanding to put together tailored financial plans to help them build successful and prosperous futures,” said Derrick J. Clouser, RIA Principal at Encompass. “Our ability to transition such prominent advisors to our practice—so soon after our launch—is a testament to the progress we have made as part of the tru Independence network. We look forward to continuing to grow and provide more clients with proactive and complete wealth management solutions.”

Encompass became the first independent RIA practice to launch in partnership with tru Independence in July 2014. Prior to the firm’s launch, Mr. Clouser and his Encompass colleagues—Walter M. Urban, Matthew G. Presjak, Colin H. Williams and Mary Minshall—had worked together at Morgan Stanley in Portland since 2001. Encompass provides a suite of personalized and holistic wealth management services to high-net-worth individuals and multi-generational families, including retirement and estate planning, investment portfolio structuring and management, charitable giving strategies, education and business planning, insurance portfolio management, and home finance and lending.

Joining forces with tru Independence has provided Encompass with access to best-in-class resources and ongoing support to achieve and maintain independence, as well as grow over the long term. Encompass leverages state-of-the-art technology, managed investments, trust and insurance services, institutional research and credit facilities from tru Independence’s open-architecture platform, enabling its team to operate, grow and fully control an independent wealth management practice.

“One of our primary goals is to help our partner firms grow by forging relationships with like-minded advisors,” said Eric Warlick, Managing Partner at tru Independence. “It has been very rewarding for us to put these parties together and enable Encompass to build a stronger RIA practice and overall footprint. We look forward to pursuing additional opportunities for Encompass going forward.”

Mr. Conway specializes in coordinating wealth planning, estate planning and tax planning services for high-net-worth individuals. His office in San Francisco enables Encompass to forge relationships with hi-tech and social media entrepreneurs in that market. Mr. Conway, a San Francisco native who grew up in Atherton, Calif., spent 15 years in Silicon Valley as a Manufacturer Representative for Seiko Epson Corp.

“Encompass believes in delivering platinum client service rooted in the fiduciary standard to entrepreneurs and their families in the San Francisco Bay Area, who can greatly benefit from our firm’s client-first approach,” said Mr. Conway. “I am proud to be part of a practice that is so strongly dedicated to providing holistic and personalized solutions for multiple generations of families at every stage of their financial planning. Furthermore, the third-party research and other resources available on the tru Independence platform ensure that my colleagues and I will be able to maintain our independence while continually enhancing the solutions we offer clients.”

Mr. Rahman has more than 30 years of experience in the financial services industry, and founded Lake Oswego, Ore.-based Rubicon in 2003 to deliver a broad range of halal investment solutions. He is a recognized expert on Islamic finance and halal investing, and previously served as Senior Vice President and Portfolio Manager at Wachovia and as Vice President for Private Clients at Merrill Lynch. Jonathan Truong, Operations Manager at Rubicon, has also joined Encompass.

“Halal investing involves marrying your passion with your compassion, and this is at the heart of the Encompass approach to managing client relationships,” said Mr. Rahman. “This like-minded commitment to clients, combined with the team’s extensive knowledge and experience as well as the top-quality resources and support from tru Independence, make Encompass the ideal home for Rubicon.”
About Encompass Wealth Advisors
Encompass Wealth Advisors is a registered investment advisor (RIA) firm based in Portland, Oregon. Its team is dedicated to providing comprehensive, objective and transparent investment options and advice so that clients can successfully address their current needs and achieve their goals for the future. For more information, please visit www.encompasswa.com.

tru Independence Teams with Mutual Securities

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PORTLAND, Ore., Oct. 13, 2015 /PRNewswire/ — Wealth management practices with both brokerage and fee-based divisions can achieve independence along with management control over their businesses through a single platform, thanks to the new strategic relationship between tru Independence and Mutual Securities, Inc.

“Mutual Securities has a long and stellar record of helping breakaway teams with broker-dealer and RIA business lines achieve independence,” said Craig Stuvland, President and Chief Executive Officer of tru Independence. “We look forward to working with the dedicated Mutual Securities team to ensure our platform is the centralized, one-stop shop for seamlessly managing the transitions, launches and growth of entrepreneurial wealth managers with separate commission- and fee-based divisions.”

Camarillo, Calif.-based Mutual Securities (http://www.mutualsecurities.com) was established in 1982 and offers hybrid services to wealth management teams that are dually registered with broker-dealers and RIAs. Mutual Securities delivers access to a clearing platform, brokerage technology, marketing and practice management programs, and capital markets expertise through National Financial Services, LLC, a Fidelity Investments Company. Since tru Independence is not a licensed broker-dealer, its relationship with Mutual Securities offers a complete hybrid solution for advisors wishing to build successful independent practices.

In addition, as part of the firms’ strategic alliance, commission-based practices that utilize tru Independence’s platform—but are hesitant about the compliance and operational responsibilities of running their own RIA—can take advantage of Mutual Securities’ affiliate RIA, Mutual Advisors, which currently has more than $300 million in assets under management. Mutual Advisors will enhance its RIA offering with the use of tru Independence’s technology and services, including access to high-powered research and analysis tools.

“Mutual Advisors is a valuable platform for breakaway advisors who find it too difficult to launch and operate their own RIAs, and we very pleased to be working with tru Independence to further strengthen our RIA offering,” said Ryan Sabol, Managing Principal of Mutual Securities. “Our firms’ shared entrepreneurial mindset and geographic proximity make this alliance an attractive opportunity for breakaway teams with dual registrations to obtain independence and ongoing support, while maintaining management control over their practices.”

About tru Independence

Through uncompromising investment in people and technology, tru Independence delivers a premier consulting and services platform for wealth management firms seeking independence. The firm diligently focuses on and invests in three core disciplines—investment consulting, business consulting and new business development.

To deliver unrivalled excellence, tru Independence leverages key relationships by outsourcing to the best providers and platforms. The company’s consultative process is defined by simplicity, clarity and transparency, grounded on the belief that its partners can best control their future by owning the equity of their firms. Drawing upon decades of industry experience, tru Independence is committed to ensuring that its partners maximize their enterprise value. For more information, please call (971) 371-3444 or visit us at www.tru-ind.com.

CONTACT:

Michael Chiong
JCPR
(646) 922-7764
mchiong@jcprinc.com

tru Independence Welcomes First Fund of Hedge Funds to Platform

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PORTLAND, Ore., Aug. 24, 2015 /PRNewswire/ — Fort Rock Asset Management, LLC has become the first fund of hedge funds to join the tru Independence community. The SEC-registered investment advisor will utilize tru Independence’s cloud-based technology platform to create service and operational efficiencies which will assist the firm in accelerating its growth.

“Our expertise, scale and relationships enable us to support the long-term maturity and expansion of both wealth management and investment advisory businesses in all stages of development,” said Craig Stuvland, president and chief executive officer of tru Independence. “We look forward to working with Fort Rock to assist in accelerating growth and meeting its business objectives.”

Portland-based Fort Rock was established in 1991 and provides innovative alternative investment solutions that seek to preserve capital and manage risk over full market cycles. The firm offers access to hedge fund strategies that focus on equity long/short managers and liquid strategies tracking managed futures and currency managers.

“tru Independence, as a robust, cost-effective technology platform, enables us to access data from any location through an efficient process, allowing for greater mobility, which is so important in today’s fast paced, global marketplace,” said Jonathan Gane, CEO of Fort Rock Asset Management. “Our firm is entering an exciting period of growth, and partnering with tru Independence allows us to streamline our operations to help facilitate that.”

About tru Independence

Through uncompromising investment in people and technology, tru Independence delivers a premier consulting and services platform for wealth management firms seeking independence. The firm diligently focuses on and invests in three core disciplines—investment consulting, business consulting and new business development.

To deliver unrivalled excellence, tru Independence leverages key relationships by outsourcing to the best providers and platforms. The company’s consultative process is defined by simplicity, clarity and transparency, grounded on the belief that its partners can best control their future by owning the equity of their firms. Drawing upon decades of industry experience, tru Independence is committed to ensuring that its partners maximize their enterprise value. For more information, please call (971) 371-3444 or visit us at www.tru-ind.com.

About Fort Rock Asset Management, LLC

Founded in 1991, Fort Rock Asset Management, LLC (“Fort Rock”) is an independent, privately-held investment manager located in Portland, Oregon. Fort Rock is a veteran alternative investment solutions provider with a 24-year track record of outperformance, portfolio differentiation and capital preservation. For more information, please visit us at www.fort-rock.com.

CONTACT:
Michael Chiong
JCPR
(646) 922-7764
mchiong@jcprinc.com

UBS Wealth Team With $400 Million Bolts to Start Boutique

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by Anthony Effinger Aug. 5, 2015
Orignal article at bloomberg.com

Paul Tanner, a wealth manager at UBS Group AG who oversaw about $400 million, left with colleagues Monday to start Las Olas Capital Advisors, a boutique that manages finances mostly for entrepreneurs.

“We don’t cover any Thurston Howell IIIs,” Tanner said in an interview, invoking the hereditary millionaire from “Gilligan’s Island,” the 1960s television show.

Tanner, 59, is among a growing number of wealth managers leaving large banks to set up their own firms, aiming to keep revenue they once shared with employers. He left UBS with assistance from TruClarity Holdings, a new company that helps brokers and investment advisers strike out on their own. Las Olas Capital Advisors, based in Fort Lauderdale, Florida, is TruClarity’s first client.

UBS spokesman Gregg Rosenberg said the Zurich-based bank doesn’t comment on departures.

Tanner had been at UBS since 2008 and previously worked at Lehman Brothers Holdings Inc. TruClarity is looking to compete with firms including Dynasty Financial Partners, chaired by former Citigroup Inc. executive Todd Thomson, to help brokers find office space, set up custody accounts for assets and create payrolls. Unlike others, TruClarity takes an equity stake in the new money-management ventures and provides capital for their formation.

The Tampa, Florida-based company is backed by a family office that sees potential in the nascent industry, TruClarity President Craig Butler said in an interview. Family offices manage the fortunes of wealthy clans.

Overcoming Fear
Butler, 61, worked at Fidelity for 18 years, where he sold its custodial services to registered investment advisers, like Las Olas. He started TruClarity after seeing how many bank-based advisers wanted to go independent.

“One of the main reasons these guys don’t leave is fear,” he said. “They don’t know how to get started. When you throw in legal, compliance, HR and payroll, it scares the daylights out of them.”

For help with Las Olas, Butler turned to yet another firm that specializes in freeing brokers: Tru Independence LLC, in Portland, Oregon. Despite the similar name, the two aren’t affiliated. Tru Independence helped with technology and access to investment research.

The boutique is named for Las Olas Boulevard, the posh shopping street in Fort Lauderdale. Tanner said he’d been thinking about starting his own firm for some time. “You can’t be in this business and not think about it,” he said.

Advisers who leave are betting that they can make more money on their own. In general, advisers in banks keep less than 40 percent of the revenue they generate, Butler said, and they often must cover the salaries of their assistants.

Tanner is being joined at Las Olas by Merissa Ann Davis, head of trading and administration; Samantha Sullivan, head of the portfolio analytics and research; and Melissa Stephenson, who handles digital media and marketing.

Familiar names launch Portland wealth management firm

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by Matthew Kish

Original article at Portland Business Journal

John Noble and Omar Marquez have teamed up to launch Valda Partners, a Portland wealth management firm and registered investment adviser.

Noble is known for his work building wealth management divisions at Paulson Investment Co. and Umpqua Holdings Corp.

Valda Partners was established in partnership with the law firm Slinde Nelson Stanford in order to provide legal as well as financial services.
“We realized the need many of our clients have for a comprehensive program designed to address all the issues impacting their financial futures, which the wirehouses haven’t been able to provide to date,” Marquez said in a news release.

“By integrating access to legal counsel from one of the most forward thinking law firms in the area into our standard fee-based services, clients are benefiting from a holistic approach to wealth management.”

Noble wasn’t aware of any wealth management firm with a similar partnership with a law firm.

“We’re much more than a typical wealth manager, as individuals, families and local businesses enjoy decades of combined experience in providing sound financial and legal guidance,” he said in a news release.

The firm launched with the help of Tru Independence, which provides back office support for advisers who launch independent firms.

Valda Partners is located in U.S. Bancorp Tower.

A How-To Guide for Opening Your Own Wealth Management Firm

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by Margaret Collins Aug. 7, 2015
Original article at bloomberg.com
Since 2007, only one segment of the wealth management industry has boosted its market share every year: independent advisory firms. They’ve more than doubled their assets in that time, overseeing about $2.7 trillion as of 2014. And there’s room for growth. According to an estimate by Boston Consulting Group, a total of $46 trillion in private wealth is up for grabs in the U.S. We asked several independent investment advisers, many of them former brokers, about setting out on their own. Here’s their advice.

Don’t get sued.

When Hugh Anderson was plotting his exit from Merrill Lynch in 2012, he didn’t even tell his own children. He was trying to meticulously follow broker protocol rules, which govern how to leave a firm without getting sued. If you’re subject to them, don’t tell any clients about your new business until after you’ve resigned. (And when you do quit, there’s a limited amount of customer information you can take, such as phone numbers and e-mail addresses.) Also, you can’t use company time to plan your departure, says Anderson, who’s now managing director of HighTower Las Vegas. So keep your weekends, early mornings, and evenings free.

Enlist professional help.

A cottage industry has emerged to help advisers pry themselves free. Firms such as Dynasty Financial Partners, Focus Financial Partners, HighTower Advisors (which includes firms such as Anderson’s), and Tru Independence can handle details that many brokers are clueless about: getting a municipal license to run a business, setting up compliance procedures, filing necessary regulatory documents, and plugging into custodians that hold assets. They can also help keep your move covert by, say, finding office space and negotiating your lease. Just do your homework before picking one, says David J. La Placa, who, with Dynasty’s assistance, left Deutsche Bank with his team in June to start San Francisco–based Intellectus Partners. The firms vary in how they charge for services (via a percentage of assets or a consulting fee) and may even want an ownership stake in your new firm. Some of their business models may fit better or worse, depending on whether you plan to charge only annual fees on assets or charge commissions on certain investments.

Embrace technology.

Several shops have developed software in recent years geared toward independent advisers. Some of it matches or exceeds what brokers have at large banking and trading firms, says Colin Williams, who, with help from Tru Independence, left Morgan Stanley with four teammates to start Encompass Wealth Advisors in Portland, Oregon, last year. He and his partners picked a trading and reporting tool made by Chicago-based Envestnet because it lets them customize model portfolios for clients, see hypothetical changes to a portfolio, and easily rebalance investments. La Placa went with Mountain View, California-based Addepar, whose software allows you to see exposure to a given asset class across an entire portfolio, updates the value of clients’ investments in real time, and generates comprehensive reports at the push of a button.

Hone the sales pitch.

If you follow broker protocol rules, your exit should come as a shock to clients. Most teams head straight to their new office after resigning and begin calling clients to persuade them to move their money to the new firm. Clients typically want to know what you’ll be able to deliver. “We talked about the future and taking our service to the next level of sophistication,” Anderson says. Those who agree to follow you must sign documents to shift accounts. Have overnight mail packages with express return envelopes and transfer paperwork ready to go on day one of your new firm, says Matthew Presjak of Encompass. And remember that once you quit, your old company will probably divvy your clients quickly to other brokers, who will solicit them too, he says.

Don’t forget the details.

While your firm’s name and logo are important, the website is crucial. “It’s everybody’s gut check on you,” says Michelle Smith, chief executive officer of Source Financial Advisors. You’ll also want to think about how to divide your equity among your partners. If you’re defecting as a team, create an operating agreement among partners before you start. It should outline each owner’s equity stake and contingencies for when someone retires or wants to sell shares, or if there’s an ethical breach, says Williams of Encompass. Some of the terms you hope you’ll never have to enforce, but it’s prudent to have them in place, he says.

 

This story appears in the September 2015  issue of Bloomberg Markets magazine.

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