Decision by advisers, including an executive director of the ultrahigh-net-worth group, to leave the firm and join Presidio comes amid management changes.
Four veterans of Convergent Wealth Advisors left the firm on Friday to join Presidio Capital Advisors, according to an announcement from the hiring firm.
The advisers, including Brian Pierson, Stephen Aucamp, Samantha Dean and Brad Lackey, will open a new Washington, D.C., office for Presidio, a San Francisco-based registered investment advisory firm with $4.3 billion in assets under management and 16 advisers.
Mr. Aucamp, who had been an executive director of Convergent's ultrahigh-net-worth group, and Mr. Pierson will co-head the office, according to the release, which did not disclose assets under management.
“We are disappointed at their decision, but it's not going to affect our ability to meet the needs of our clients,” said Douglas Wolford, the newly appointed chief executive for Convergent. “We have a terrific team in place and all of the resources we need to provide clients with the best-in-class service and advice they've come to expect from Convergent.”
Mr. Wolford, who stepped in the role permanently late last month, said last week that he is hoping to double assets in the next five years as the firm embarks on a new phase of growth.
Mr. Wolford's plans were revealed against the backdrop of CEO David Zier's apparent suicide in October and the news Friday that the firm's founder and chairman, Steven Lockshin had resigned.
Questions still remain about a private fund run by Mr. Zier, known as Zier Asset Management, which Convergent had been investigating at the time of his death. It was unclear exactly how much money was in the fund, although Mr. Wolford said it was not more than $10 million.
While the Securities and Exchange Commission had requested information from Convergent in October, there have not been any official charges.
Until last Friday, only three advisers were known to have left the $8.4 billion firm since October.
The firm had around 45 employees registered as advisers with the SEC, according to its Form ADV, but the number in advisory roles is likely fewer as there are only 20 employees listed as “senior consulting professionals” on its website, including those who departed last Friday.
Mr. Wolford, however, said last week that no advisers had departed and that those three who had left in November were in sales and “business development” roles.
None of the four who joined Presidio were immediately available for comment, according to an outside spokeswoman, Maya Pogoda.
Mr. Aucamp said in the statement: “The decision to join Presidio Group was not a difficult one given our similar client-first approach to wealth management and our dedication to honesty and integrity in everything we do.
“We look forward to being an integral part of this growing firm,” he added.
Mr. Aucamp joined Convergent in 2004, according to Convergent's website, having begun his career with a predecessor investment advisory firm, Lydian Securities Co.
Mr. Pierson, the other co-head of the new office, had been at Convergent for 12 years, having joined Lydian Wealth Management in 2002.
Ms. Dean had been with Convergent since 2007, according to SEC records. Mr. Lackey had also spent the past seven years with Convergent, focusing on ultra-affluent families, according to Presidio's website.
