Washington Wealth Management Taps Morgan Stanley Veteran To Lead Southern California Expansion

SAN DIEGO, Dec. 20, 2012 /PRNewswire/ -- Washington Wealth Management LLC ("WWM" or "the firm"), an independent, multi-custodial hybrid Registered Investment Advisor (RIA) supporting fee and commission-based independent advisor teams across the nation, today announced that it has hired David Richman to serve as its Market Area Director for Southern California.

Mr. Richman, a 17-year veteran of the financial advisory industry, served as a Complex Director for Morgan Stanley Wealth Management in both the Irvine and Pasadena markets. In 2011 that firm also named him as one of its three national Community Service Award winners. In his new role with WWM, he will look to leverage his years of experience and deep business relationships to attract leading advisors to the firm and drive growth in Southern California.

With Mr. Richman's help, Washington Wealth Management intends to open at least three new offices in Southern California over the next 12 to 18 months, a goal that is consistent with WWM's ambitious expansion plans. The firm has experienced runaway growth over the last year, having seen its recruited AUM increase from approximately $100 million in December 2011 to over $1 billion currently. The addition of Mr. Richman continues the firm's recent success in attracting talented managers and advisors from the wirehouses.

Rob Bartenstein, CEO of Washington Wealth Management LLC, said, "We're really excited to welcome Dave Richman to the WWM team. Dave's a known entity, an A player who's highly regarded for his strong business acumen as much as for his ability to attract and retain top tier talent. His decision to join us at this time is emblematic of two important themes; first, the waiting and wondering about our model is over. We've proved it works and top wirehouse advisors and managers alike are taking notice. Second, and most importantly, Dave truly values the opportunity to actually build something that will help advisors grow their business.  Like all of us at WWM, he's committed to being the best, working with the best and delivering a solution for advisors and their clients that's frankly, long overdue.  2013 is going to be a great year for WWM, and in Southern California Dave Richman will be setting a lot of experience free."

Mr. Richman said, "I am very pleased to be joining my new partners at Washington Wealth Management, which has quickly established itself within the industry as a leading destination for successful advisors looking to accelerate the growth of their businesses by increasing their ability to focus on client relationships. WWM's turnkey multi-custodial platform and unique understanding of the needs of successful advisors as they transition to independence make the firm well-positioned to capitalize on the tremendous growth opportunities available in Southern California and nationwide. I cannot wait to get started helping the firm expand its footprint and helping the right advisors build and grow their businesses.  I am free, with vigor and enthusiasm, and I intend to make the most of the opportunity to help others find their way to freedom and see how powerful this platform can be."

About Washington Wealth Management

Based in San Diego, CA, Washington Wealth Management LLC (WWM) is an independent hybrid Registered Investment Advisor (RIA) supporting fee and commission-based independent financial advisor teams across the nation.  WWM was established by former wirehouse veterans with the express purpose of enabling former wirehouse financial advisors to achieve freedom, independence and growth.  The firm's platform is comprised of an independent Registered Investment Advisor (RIA), a non-affiliated broker-dealer and a multi-custodian offering, in order to provide its financial advisors with a conflict-free, open architecture platform and full independence across both fee and commission-based business models. WWM has offices in San Diego and Los Angeles, CA; Las Vegas, NV; Seattle, WA; Westport, CT; Middelburg, VA; and Miami, FL. The firm has over $1 billion in recruited assets under management.  More information is available at www.washwm.com.

Washington Wealth Management Media Contacts
Chris Clemens / Matthew Griffes
Haven Tower Group LLC
(206) 420 1525 or (206) 402 5853
[email protected] or [email protected]

SOURCE Washington Wealth Management LLC