Coldstream Wealth Management has expanded its operations by integrating Harrison Berkman Claypool & Guard (HBCG) and HBC Financial Services, both Seattle-based entities.
The move adds $500m in assets under advisement (AUA) to Coldstream’s books, increasing its total AUA to $11.1bn.
HBCG is an accounting firm, while HBC is a registered investment advisor.
The firms, led by James Claypool, were established in 1977 and 2001, respectively.
They share Coldstream’s independent and employee-owned structure, which will continue post-integration.
HBCG, an accounting firm, employs six professionals, including four Certified Public Accountants.
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By GlobalDataThese professionals, with five of them also working for HBC, offer a diverse range of financial and tax-related services.
Their expertise spans traditional tax preparation, estate planning, stock option planning, and business succession planning.
Additionally, HBCG’s registered investment advisor (RIA) arm provides retirement planning and holistic portfolio management.
The integration will see HBCG and HBC’s employees forming a new team of advisors within Coldstream, as well as joining the company’s tax and consulting practice.
They will benefit from Coldstream’s technology stack, designed to enhance client engagement and deliver essential insights.
Both HBCG and HBC have a strong focus on nurturing next-generation professionals, a philosophy that aligns with Coldstream’s values.
The merger is set to provide employees with increased opportunities for equity ownership within the company, stated Coldstream.
In July, the firm merged with Portland, Oregon-based Arnerich Massena, an investment advisory firm with around $2bn in client assets.
Coldstream managing shareholder Kevin Fitzwilson said: “We are pleased to welcome Jim and his experienced team of financial professionals to Coldstream.
“HBCG and HBC share Coldstream’s values and uncompromising approach to service, making this partnership not only a great fit but also an enhancement to those we serve.
“Together, with expanded resources and greater access to investment and tax planning opportunities, our firms will provide clients a more comprehensive offering than ever before.”
