Bellevue-based Coldstream Wealth Management today announced a merger with LWM Wealth Management, a Kenai, Alaska-based firm with approximately $170 million in assets under management. The move builds on Coldstream’s recent expansion.
Coldstream’s LWM deal follows its mergers last year with Paracle Advisors of Mercer Island and Rosenbaum Financial of Portland, Oregon, and the firm's opening of an office in Boise, Idaho, that was announced in February. David McIntosh, an Idaho native who previously worked out of Coldstream's Mercer Island office, is leading the Boise office, according to an earlier announcement.
LWM, owned by Roy A. Wells and Mark Griffin, certified financial planners, will operate under the Coldstream brand. Upon completion of the merger, Coldstream will have 26 financial advisors, 122 employees, and more than $7 billion in assets under management, according to a news release today.
In the release, Kevin Fitzwilson, Coldstream's managing shareholder, said Wells and Griffin have built a vibrant independent practice, adding, “Their culture of service and integrity is a perfect fit with Coldstream's core values, so we look forward to working together to support the hard-working people of Alaska's investment and financial planning needs."
After the merger, Wells, Griffin, and Michelle McGlasson, client services associate, will join the existing Bellevue team led by Coldstream co-founder Roger Reynolds, who also heads the firm's disabled advisory services group that provides customized wealth management and adaptive-oriented solutions for disabled individuals and their families.
Griffin said his firm did extensive due diligence and met with numerous firms before deciding on Coldstream.
“Their value proposition of providing comprehensive, transparent and objective advice through an employee-owned, independently operated firm structure convinced us that they were the right partner,” he said in the release. “We are excited to be taking this next step in the growth of our practice by merging with Coldstream and collaborating with Roger and his well-respected team of investment professionals."
The transaction reflects Coldstream's ongoing commitment to growing its business under an employee ownership model while shunning private equity funding common in many other M&A deals, the release said.