San Diego-based Brown Wealth Management (BWM) has expanded its reach in its home market through the purchase of Truuwater Financial.
Financial terms of the transaction were not shared. The deal boosts BWM’s client assets of $1.2bn and also expands its staff headcount to 14.
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Prior to the acquisition, BWM had client assets of $825m and nine employees.
The deal is in line with the firm’s strategy to increase its client assets by three-fold to more $4bn by 2025 through acquisitions and organic growth initiatives.
Truuwater CEO and CIO Robert Meyer will remain part of the firm’s investment committee and a senior adviser with BWM.
Meyer stated: “Joining forces with BWM fulfils our vision of creating an enduring firm that can offer greater breadth and depth of services to our clients, in a multigenerational capacity.
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By GlobalData“In addition, we have enhanced our ability to further institutionalise asset management, relationship management and business development for optimal efficiency.”
Established in 2005, BWM serves HNW individuals and families as well as business owners.
The firm has custodial relationships with LPL Financial, Fidelity as well as Schwab.
Last May, Stratos Wealth Enterprises made a strategic investment in BWM as a future growth platform in Southern California. The investment amount was not disclosed.
BWM president and founder Jeff Brown said that Truuwater and BWM have “closely aligned cultures”.
Commenting on the deal, Jeff Brown noted: “We have found in the Truuwater team partners who embrace our emphasis on helping clients maximise 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.”
