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Wealth management firm Private Ocean is launched


Richard Stone and Greg Friedman have launched Private Ocean, a privately-held wealth management firm formed by the merger of Salient Wealth Management and Friedman & Associates.

The firm aims to give clients the intimate experience of a small firm, while harnessing the power and discipline of a large one.

Stone (pictured) was co-author of the financial planning industry’s first ever code of ethics.

Friedman is an innovator in personal financial planning. In 2007 his firm received the Charles Schwab Impact Award for Best-In-Technology.

Frank Jones, chair of the Private Ocean investment committee, ran a USD30bn portfolio on Wall Street.

“It used to be you had to have USD20m to get this level of service,” says Friedman. “We’re not out to build the biggest firm. We are out to build the best.”

The 25-person Private Ocean team integrates personal financial planning and institutional-class investing for its clients. The firm also invests heavily in technology as a tool for communicating actively with clients.

“Everything we do is driven by the specific needs of our clients,” says Friedman. “That’s something a lot of firms say, but we’re making it a reality.”

Stone and Friedman bring over 60 years of combined wealth management experience.

“The merger of Salient and Friedman strengthens our presence in the San Francisco Bay Area and supports our commitment to exceptional client service,” adds Stone.

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