Convergent chairman resigns

Steven Lockshin, the firm's founder, is stepping down from his role as chairman and will be replaced by Richard Gershen, the executive vice president of wealth management at City National, Convergent's parent company.
DEC 06, 2014
In addition naming a new chief executive officer, Convergent Wealth Advisors has appointed a new chairman. Steven Lockshin, the firm's founder, is stepping down from his role as chairman and will be replaced by Richard Gershen, the executive vice president of wealth management at City National, Convergent's parent company. Mr. Gershen had been leading City National Corp.'s wealth management services group since 2009. The firm, which acquired Convergent in 2007, has around $32 billion in assets. The move, which was announced internally, comes after Convergent tapped a new chief executive, Douglas Wolford, to take over in the aftermath of the apparent suicide of the former CEO, David Zier. Mr. Zier took his own life in October at the same time questions had come up about an outside fund he had been managing, Zier Asset Management. In this case, the split was amicable, according to Mr. Lockshin. “My relationship with Richard Gershen and City National is superb, and I have nothing but utmost respect for him,” Mr. Lockshin said. Mr. Gershen will become chairman of Convergent at the firm’s next board meeting, a spokesman for City National, Cary Walker, said. “[Mr. Gershen] will succeed Steve Lockshin, who has served Convergent with tremendous energy and dedication since the firm’s inception,” he said. “Steve will remain a member of the board, and Convergent will continue to operate as an independent affiliate of City National.” Mr. Lockshin, who founded Convergent in 1994, already had been stepping back from his role at the firm in recent years. He founded another investment adviser, AdvicePeriod, this year, and said he has not been involved in day-to-day operations since 2012. He will continue to serve a select group of clients at Convergent and “will remain available to help my colleagues and City National,” he said. Mr. Wolford could not be reached for comment. He said this week he hopes to build a “Convergent 2.0” with nearly double the assets under management through boosting the family office and making more acquisitions with the help of City National. Convergent has around $8.4 billion in assets, according to SEC filings from before Mr. Zier's death.

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