Washington Wealth Management Adds Two Former Wirehouse Advisors Across Two Coasts with Approximately $200 Million in Total Client Assets

SAN DIEGO, July 29, 2014 /PRNewswire/ -- Washington Wealth Management LLC (WWM or "the firm"), an independent hybrid Registered Investment Advisor (RIA) supporting fee and commission-based independent advisor practices across the nation, today announced that former wirehouse advisors Michael Lee and Nancy Tuininga have affiliated with the firm after departing from Morgan Stanley and Wells Fargo Advisors, respectively. With nearly 30 years of combined experience and approximately $200 million in total client assets as of July 1, 2014, the addition of Mr. Lee and Ms. Tuininga further reinforces WWM's established track record of growth and continues to position the firm as the top destination for experienced wirehouse advisors seeking to transition to independence with a maximum of turnkey resources and flexibility in structuring their practice on the WWM platform.

Rob Bartenstein, CEO of Washington Wealth Management, said, "We are very excited to help both Mike and Nancy realize the benefits of independence and position their practices for further growth by joining Washington Wealth Management. WWM continues to be the destination for experienced wirehouse advisors that prefer the benefits of independence combined with turnkey practice management support and resources, all offered with the widest possible spectrum of affiliation choices. Whether veteran wirehouse advisors are seeking to go independent on a solo basis, form their own team, or join an existing like-minded team already affiliated with WWM, we build and execute on a clear and efficient roadmap to independence for them when they join forces with our firm."

As part of his transition, Mr. Lee, who managed approximately $130 million in client assets as of July 1, 2014, will join WWM affiliate Pacilio Wealth Management. Headquartered in Westport, Connecticut, Pacilio Wealth Management is a boutique independent wealth management practice that provides a personalized approach to managing and advising high net worth individuals and their families.

Ms. Tuininga's practice, Prosperity Point Wealth Management, has joined WWM as a standalone independent practice based in San Diego, California. Ms. Tuininga supported client assets of approximately $72 million as of July 1, 2014, and her practice offers a wide range of financial solutions and services to individuals and business owners in California and throughout the United States.

Ms. Tuininga said, "My decision to affiliate with Washington Wealth Management was driven by my desire to deliver an outstanding service experience for my clients by focusing first and foremost on their individual investment goals, developed according to a truly comprehensive view of their financial picture. My move away from the traditional wirehouse environment to the independent investment channel empowers me to provide the type of advice that my clients expect and deserve, without being captive to any proprietary solutions or potentially competing agendas."

Mr. Lee said, "When exploring empowering partners for my move to independence while working at a wirehouse, WWM quickly emerged as my number one choice. Veteran wirehouse advisors who are considering a transition to independence want the benefits of professional freedom and flexibility, but expect the comprehensive resources and turnkey support to which they are accustomed. WWM provides that ideal blend of both, in delivering to advisors the platforms and practice management insights they need in order to operate on a scalable basis, but with true independence along with a complete focus on client service. I am eager to work closely with the WWM team in this exciting new chapter of my professional life."

The addition of these new recruits brings the total assets under advisement of Washington Wealth Management, a wholly-owned subsidiary of National Financial Partners Corp. (NFP) to approximately $1 billion. The addition of Mike Lee and Nancy Tuininga to Washington Wealth Management marks WWM's fourth and fifth successfully recruited independent advisory practices since its acquisition by NFP, announced in March of this year. WWM operates under its own brand and leadership team, under NFP's independent advisor-focused business group, NFP Advisor Services.

ABOUT WASHINGTON WEALTH MANAGEMENT
Based in San Diego, CA, Washington Wealth Management LLC (WWM) is a hybrid registered investment adviser (RIA) supporting fee and transaction-based independent financial advisor teams across the nation. WWM was established by wirehouse veterans with the express purpose of enabling former wirehouse financial advisors to achieve independence and growth. The firm's platform is comprised of an independent RIA, and a multi-custodian offering, in association with NFP's independent broker/dealer, in order to provide its financial advisors with an open architecture platform and independence across both fee and transaction-based business models. WWM has offices in San Diego, Los Angeles and Orange County, CA; Westport, CT and Middleburg, VA. More information is available at http://www.washwm.com.

ABOUT NFP
National Financial Partners Corp. (NFP) and its benefits, insurance and wealth management businesses provide diversified advisory and brokerage services to companies and high net worth individuals, partnering to help preserve their assets and prosper over the long term. NFP advisors provide innovative and comprehensive solutions, backed by NFP's national scale and resources. NFP operates in three business segments. The Corporate Client Group provides corporate and executive benefits, retirement plans, and property and casualty insurance. The Individual Client Group includes retail and wholesale life insurance brokerage and wealth management advisory services. The Advisor Services Group serves independent financial advisors by offering broker/dealer and asset management products and services. Most recently NFP was ranked in the top 10 on Business Insurance's 100 Largest Brokers of U.S. Business and Best's Review's Top Global Insurance Broker lists; second on Business Insurance's Largest Agents and Brokers Headquartered in the U.S. Northeast; it operates the fifth-largest executive benefits provider of nonqualified deferred compensation plans by total clients, as ranked by PlanSponsor; and operates a top 10 independent broker/dealer as ranked by InvestmentAdvisor. NFP is also a leading independent life insurance distributor according to many top-tier carriers. For more information, visit www.nfp.com.

NFP Advisor Services is a business segment of NFP that includes NFP subsidiaries NFP Securities, Inc., member FINRA/SIPC, and NFP Indesuite, Inc.

Washington Wealth Management Media Contacts
Chris Clemens / Michael Dugan
Haven Tower Group LLC
(206) 420-1525 or (206) 420-3851
[email protected] or [email protected]

SOURCE Washington Wealth Management LLC