David Richman has been appointed as the market area director for Southern California.

Richman is a 17-year veteran of the financial advisory industry and has served as a complex director for Morgan Stanley Wealth Management in both the Irvine and Pasadena markets.

With the appointment, Washington Wealth Management intends to open at least three new offices in Southern California over the next 12 to 18 months.

Meanwhile, over the last year, the firm has seen its recruited AUM increase from approximately US$100 million in December 2011 to over US$1 billion currently.

Commenting on the appointment, 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."