Brown Wealth Management Accelerates Growth Strategy with Acquisition of Truuwater Financial, Creating Wealth Management Firm with $1.2 Billion in Client Assets
Acquisition Supports Firm's Plan to Triple Size of Client Assets to Over $4 Billion by 2025
Combination of Two Fast-Growing, San Diego-Based Firms Positions Brown Wealth Management as Leading Independent Wealth Manager Based in Southern California
Transaction Facilitated by Private Equity-Backed Stratos Wealth Enterprises, a Strategic Investor in Brown Wealth Management
SAN DIEGO, Feb. 11, 2021 /PRNewswire/ -- Brown Wealth Management (BWM), a fast-growing, independent wealth management firm, today announced the acquisition of Truuwater Financial. The transaction combines two leading San Diego-based wealth managers, expanding BWM from a team of nine professionals and $825 million in client assets to 14 professionals and total client assets of $1.2 billion, supporting a national client base of individuals, families and business owners across the country.
Industry leader Jeff Brown founded BWM in 2005 and spearheaded its transition into an independent firm in 2015. From its earliest days, BWM was one of the pioneers of fiduciary client relationships in the wealth management space, specializing in intentions-driven financial planning. The firm's unique approach targets high-net worth professionals who are seeking a deeper and more holistic integration of financial planning and life coaching. This acquisition is the first step in BWM's accelerated expansion strategy, which envisions tripling the firm's assets to over $4 billion by 2025, through acquisitions as well as organic growth.
Jeff Brown, President and Founder of BWM, said, "We're thrilled to welcome the Truuwater Financial team to Brown Wealth Management, bringing together two organizations that have closely aligned cultures and values, along with a shared passion for delivering a deeper level of planning and coaching to clients. We have found in the Truuwater team partners who embrace our emphasis on helping clients maximize their lives today versus a narrow focus on driving returns. Together, we will continue our strategic growth through intentions-driven wealth management that enables our professionals to guide our clients toward achieving their life goals."
"Joining forces with BWM fulfills our vision of creating an enduring firm that can offer greater breadth and depth of services to our clients, in a multigenerational capacity," said Robert Meyer, Truuwater's CEO and Chief Investment Officer, who will continue to serve as a member of the firm's investment committee and a senior advisor with BWM. "In addition, we have enhanced our ability to further institutionalize asset management, relationship management and business development for optimal efficiency. We are proud to be part of a larger organization with amazing people and increased redundancy across all levels of the firm, one that enables us to drive a client experience second to none."
In May 2020, Stratos Wealth Enterprises, a Stratos Wealth Network Company, made a strategic investment in BWM as a platform for future growth in Southern California.
"We congratulate BWM on its ongoing success. Jeff and his team have a truly unique approach to wealth management, an exceptional commitment to client service and a clear path ahead for significant growth to come," said Lou Camacho, president of Stratos Wealth Enterprises.
BWM has custodial relationships with LPL Financial, Fidelity and Schwab, and financial details of the acquisition were not disclosed.
Brown Wealth Management
Headquartered in San Diego, Brown Wealth Management specializes in providing a client service experience that integrates a deeper and more holistic combination of financial planning and life coaching. With a focus on high-net worth individuals, families and business owners, the firm's intentions-driven financial planning approach helps guide its clients in maximizing their lives today. The firm has $1.2 billion in total assets and supports clients across the country. For more information, please visit https://brownwealthmgt.com/.
About Stratos Wealth Network
Stratos Wealth Network is a family of companies focused on supporting the growth and success of financial advisors across business models and affiliation structures. Stratos companies include Stratos Wealth Partners, Stratos Wealth Advisors, Stratos Wealth Management, Stratos Wealth Enterprises, and Fundamentum. Stratos includes a national network of over 315 experienced financial advisors and financial planning practitioners working across 26 states throughout the country.
Stratos Wealth Partners, an SEC Registered Investment Advisor, manages over $8.48 billion in advisory assets, and advises through LPL Financial, over $7.87 billion in brokerage and third-party managed assets for a total of $16.36 billion as of December 31, 2020.
Stratos Wealth Advisors, LLC, an SEC Registered Investment Advisor, manages over $1.8 billion in advisory assets as of December 31, 2020
Fundamentum, LLC, an SEC Registered Investment Advisor, manages over $636 million in advisory assets as of December 31, 2020.
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SOURCE Brown Wealth Management
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