Washington Wealth cozies up to LPL

Affiliation will aid hybrid firm's projected expansion to $3B in assets by end of 2013
SEP 19, 2012
Washington Wealth Management LLC, a hybrid firm that caters to former wirehouse producers, has affiliated with LPL Financial LLC. San Diego-based Washington Wealth, which has $750 million in assets, had been using three smaller broker-dealers for its securities business. Consolidating with LPL will facilitate its growth plans, according to chief executive Rob Bartenstein. The goal of the move was to improve “operational efficiencies, combined with the resources of the No. 1 independent broker-dealer,” he said. LPL's hybrid platform can provide the integrated experience to which wirehouse advisers are accustomed, Mr. Bartenstein said. “The wirehouse world is in the midst of a revolution, and it doesn't look like it's getting better. It's getting worse,” he added. Washington Wealth expects to reach $1 billion in assets by year-end, and $3 billion by the end of next year, said Mr. Bartenstein, a Morgan Stanley Smith Barney LLC veteran. The firm currently has 15 independent advisers with offices in San Diego, Los Angeles, Las Vegas, Seattle, Miami, Westport, Conn., and Richmond and Middleburg, Va. “With multiple new offices, and adding scores of advisers, you really want to be partnered with someone who can support that growth,” Mr. Bartenstein said. Washington Wealth will continue offering a multicustodial solution with Pershing Advisor Solutions LLC, Fidelity Institutional Wealth Services and TD Ameritrade Institutional as options. The firm also is in talks with Schwab Advisor Services. “And one of the primary benefits of this move is that we get to add LPL as a [RIA] custodian,” he said.

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