Coldstream is making a raft of leadership changes as the Seattle-based RIA looks to build on a period of accelerated expansion and sharpen its focus on long-term strategy.
The employee-owned firm, which has operated independently since 1996, said the new structure is designed to support continued growth while maintaining its non-private-equity-backed approach.
Kevin Fitzwilson, previously managing shareholder, has been appointed chief executive officer. Fitzwilson will remain accountable to shareholders and the board in his new role, overseeing the firm’s strategic direction and working closely with both leadership and business line teams.
“Coldstream has more than doubled in size in every area of our business over the past three years, and with that growth comes the need to evolve how we operate,” Fitzwilson said in a statement. “To capitalize on this continued growth while remaining independent and free of private equity influence, we must provide greater clarity in ownership, decision-making, communication, and how we work across teams.”
The latest deal book report from Devoe and Company underscored the influence of private equity in RIA dealmaking, noting that four-fifths (79%) of all activity in the space has been driven directly or indirectly by PE firms. For this year through the second quarter, it said PE consolidators were behind 23 of 38 deals involving mid-size sellers – those sporting AUM from $501 million to $1 billion.
Coldstream has also refined its senior leadership team and introduced new roles.
Natalie Straub, president of wealth management and team experience, will continue to work with wealth management team leaders and oversee team member experience and human resources. Josh Harris, president of M&A, will continue to lead the marketing and business development teams.
At the C-level, David Christian, chief growth officer, will focus on organic growth initiatives, coaching, and strategic projects, collaborating with Straub, Harris and team leads.
Anne Marie Stonich, chief client experience officer, will concentrate on client engagement and service delivery, while Matt Sonnen, chief operating officer, will oversee operations, client services, business integration, IT, data, and compliance.
Recently, Coldstream expanded its presence in the Pacific Northwest with the addition of Cable Hill Partners, a $2 billion RIA based in Portland, Oregon. In January, the firm executed a merger with HBC Financial Services, a $500 million RIA, strengthening its tax service offerings.
These moves follow a series of acquisitions and the recent rebranding of its investment banking arm as Coldstream Capital Partners.
Fitzwilson added, “We have incredible leaders across our firm who are in roles that will enable them to drive our firm’s independent growth into the future. Coldstream is positioned to take full advantage of our strengths and incredible opportunities to build a firm that values its people and clients above everything else.”
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