Brown Wealth Management (BWM), a fast-growing, independent wealth management firm, has acquired Truuwater Financial.
The transaction combines two leading San Diego-based wealth managers, expanding BWM from a team of nine professionals and USD825 million in client assets to 14 professionals and total client assets of USD1.2 billion, supporting a national client base of individuals, families and business owners across the country.
Industry leader Jeff Brown founded BWM in 2005 and spearheaded its transition into an independent firm in 2015. From its earliest days, BWM was one of the pioneers of fiduciary client relationships in the wealth management space, specialising in intentions-driven financial planning. The firm’s unique approach targets high-net worth professionals who are seeking a deeper and more holistic integration of financial planning and life coaching. This acquisition is the first step in BWM’s accelerated expansion strategy, which envisions tripling the firm’s assets to over USD4 billion by 2025, through acquisitions as well as organic growth.
Jeff Brown, President and Founder of BWM, says: “We’re thrilled to welcome the Truuwater Financial team to Brown Wealth Management, bringing together two organisations that have closely aligned cultures and values, along with a shared passion for delivering a deeper level of planning and coaching to clients. 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.”
“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,” says Robert Meyer, Truuwater’s CEO and Chief Investment Officer, who will continue to serve as a member of the firm’s investment committee and a senior advisor with BWM. “In addition, we have enhanced our ability to further institutionalise asset management, relationship management and business development for optimal efficiency. We are proud to be part of a larger organisation with amazing people and increased redundancy across all levels of the firm, one that enables us to drive a client experience second to none.”
In May 2020, Stratos Wealth Enterprises, a Stratos Wealth Network Company, made a strategic investment in BWM as a platform for future growth in Southern California.
“We congratulate BWM on its ongoing success. Jeff and his team have a truly unique approach to wealth management, an exceptional commitment to client service and a clear path ahead for significant growth to come,” says Lou Camacho, president of Stratos Wealth Enterprises.
BWM has custodial relationships with LPL Financial, Fidelity and Schwab, and financial details of the acquisition have not been disclosed.