Brown Wealth Management, a San Diego-based independent wealth management firm, has purchased Truuwater Financial. The transaction combines two San Diego-based wealth managers, expanding Brown Wealth Management from a team of nine professionals and $825 million in client assets to 14 professionals and total client assets of $1.2 billion. Financial details were not disclosed.
The transaction was facilitated by private equity-backed Stratos Wealth Enterprises, which made a strategic investment in Brown Wealth Management in May 2020.
“This acquisition is the first step in [Brown Wealth Management’s] accelerated expansion strategy, which envisions tripling the firm’s assets to over $4 billion by 2025, through acquisitions as well as organic growth,” the company stated.
Jeff Brown founded Brown Wealth Management in 2005 and spearheaded its transition into an independent firm in 2015. The firm’s client-base includes high-net worth individuals, families and business owners.
“We’re thrilled to welcome the Truuwater Financial team to Brown Wealth Management, bringing together two organizations that have closely aligned cultures and values, along with a shared passion for delivering a deeper level of planning and coaching to clients….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,” said Brown.
Brown Wealth Management has custodial relationships with LPL Financial, Fidelity and Schwab.
Stratos Wealth Partners, a hybrid registered investment advisor, manages nearly $8.5 billion in advisory assets, and advises through LPL Financial, approximately $7.9 billion in brokerage and third-party managed assets for a total of close to $16.4 billion as of December 31, 2020.