Stratos Wealth Enterprises has launched Stratos Private Wealth to boost services for UHNW and HNW clients.
In addition, Stratos will increase its investment in BWM Financial to a majority stake and rebrand it as Stratos Private Wealth. Jeff Brown, CEO and founder of BWN, will serve as president of the new division and report to Lou Camacho, president of Stratos Enterprises.
BWM Financial received its first strategic investment from Stratos in 2020. In 2021, BWM acquired Stratos-affiliated wealth manager Truuwater Financial.
Stratos Private Wealth will be based in San Diego and operate as a part of Stratos Wealth Partners to market wealth management services. Also, it will identify opportunities for growth within Stratos and outside of the network.
Camacho said: “Jeff and the team at BWM Financial have been integral in the growth and execution of our private wealth strategy. We are thrilled to take our relationship to the next level as we build an interdependent national firm that offers highly regarded practices, investment strategy and client services under one brand.”
Brown added: “We have had a long-standing and successful partnership with Stratos that allowed my firm to grow. I love working with Stratos’ executive team and our firms are well-aligned in culture, so it made sense to create a new entity that provides an enhanced client experience that delivers comprehensive wealth management services that address legal and tax issues as well as financial planning needs.”
Stratos Wealth Advisors managed over $3bn in advisory assets and over $32bn in third-party managed assets as of March 31 2023.
Furthermore, Stratos Wealth Management manages over $334m in advisory assets.