Market Overview

"Our annual summary of Northwest hiring trends for wealth managers"

2021 Market OverviewNorthwest Hiring Trends for Wealth Managers

Dear Colleagues,

We here at RAH Financial would like to summarize Northwest hiring trends we’ve observed among the regions Wealth Managers. In addition, we’ve updated our Washington State Money Manager's Ranking List, ranked by AUM (Assets Under Management). This list ranks 378 firms, whose home offices are either located in Washington State or who have a significant client presence here. For contrasting purposes, we’ve also made available an archive of our past Ranking Lists under the same ‘Rankings List’ menu item.

New: For our ’06 – ’21 lists, we’ve included an alphabetical sort of firm names, making it easier to locate an individual firm’s AUM and ranking.

Note: As usual, we are attempting to ‘tighten up’ our estimated AUM figure by only counting in-state assets for firms who have moved their corporate offices out of state and by attempting to match end-of-year estimates as close as possible to the most recently-filed ADVs. As is usually the case, only a minority of firms respond to our AUM estimate request every December so their most recent ADV figures are used, which may not include asset gains in the remaining portion of the year. We will continue to accept AUM estimates through mid-January.

Some quick facts from our list:

  • 378 firms, same as 2020
  • $1.209 trillion in total AUM (+$148 billion from 12/20)
  • 52 firms with AUM more than $1 billion, same as 2020
  • 272 firms had a year-over-year increase in AUM (72% of total firms, vs. 76% in 12/20)
  • The AUM figure for firms experiencing an AUM increase over their 2020 levels have their AUM highlighted in bold green

Washington State money manager changes in 2021

Company name changes, acquisitions/mergers:

  • Paracle Advisors, LLC, Mercer Island, was acquired by Coldstream Wealth Management, Bellevue/Seattle
  • Vestory, LLC, Bellevue, was acquired by Apella Capital, CT
  • Evergreen Gavekal is now Evergreen Capital Management, LLC
  • Miller Advisors, Inc., Kirkland, was acquired by Mercer Advisors, Bellevue
  • Newfocus Financial Group, LLC was acquired by EP Wealth Advisors, Seattle
  • CWH Capital Management, Inc. (dba Hart Capital Management), was acquired by Mercer Advisors, Bellevue
  • Murphy Investment Management, LLC is now Lodestone Wealth Management, LLC, Spokane
  • SEI Huntington Steele, LLC, Seattle (out of state acquisition)

New wealth management firms launched or newly added to our ‘21 list:

  • Adair Wealth Management, Bellevue
  • Aletheian Wealth Advisors, LLC, Bellevue
  • B3 Wealth Strategies, Bellevue
  • Columbia Strategic Wealth Advisors, LLC, Seattle
  • Crafted Finance, LLC, Seattle
  • Emerald Advisors, LLC, Bellevue
  • Evolytical Investments, LLC, Tacoma
  • Financial Freedom For Dentists, LLC, Snoqualmie
  • Gould Capital, LLC, Tacoma
  • Hohimer Wealth Management, LLC, Seattle
  • Ignite Financial Planning, LLC, Seattle
  • Leverage Planners Wealth Management, LLC, Bellevue
  • MarsJewett Financial Group, Bellevue
  • My Personal CFO, spinoff from Brighton Jones
  • Northwest Capital Management, Inc., Bellevue (Oregon-based)
  • Pacific Financial Advisors, Inc., Bellevue
  • Parcion Private Wealth, LLC, Bellevue, UBS spinoff
  • Paul R. Ried Financial Group, LLC, Bellevue
  • PG Global Wealth Management, Inc., Bellevue
  • Presidio Financial Group, Inc., Bellevue
  • Prospero Wealth, LLC, Seattle
  • R&R Retirement Services, Inc., Seattle
  • Sapling Wealth Management, Seattle
  • Satori Financial, LLC, Seattle
  • Seattle Wealth Management, LLC, Seattle
  • Singer Wealth Management, Seattle
  • Sound Financial Investments, Inc., Tacoma
  • Sound Legacy Wealth Advisors, LLC, Bellevue
  • Synergos Advisory, Seattle
  • Thornewood Advisors USA, LLC, Tacoma
  • Twight Financial Education, LLC, Seattle
  • Unionview Wealth Partners, Seattle
  • Wayfinding Financial, LLC, Lynnwood

Firms dropped from our list, have either closed their doors in '21, have no recent ADV on file, or have no active AUM:

  • Asset Planning & Management, Inc., Spokane, out of business
  • Childress Investment Management, Bellevue, no WA State offices
  • Citi Private Bank (no response)
  • CWH Capital Management, Inc. (dba Hart Capital Management), was acquired by Mercer Advisors, Bellevue
  • ICM Asset Management, Inc., Spokane, out of business
  • Invesco Managed Accounts (no response)
  • Journey Financial Services, Edmonds, now in Idaho with no WA state offices
  • Key Private Bank (no response)
  • Mercer Global Advisors, Inc. (no response)
  • Michael Pace, CFP, Seattle, no ADV on file
  • Miller Advisors was acquired by Mercer Advisors, Bellevue
  • Newfocus Financial Group, LLC was acquired by EP Wealth Advisors, Seattle
  • Northern Trust Bank (no response)
  • Northwest Consulting, Inc., Seattle (Raymond James), no current ADV on file
  • Northwest Investment Consulting, Inc., Seattle, no ADV on file
  • Paracle Advisors, LLC, Mercer Island was acquired by Coldstream
  • Point Defiance Capital Management, LLC, Tacoma, no ADV on file
  • Portfolio Advisors Group, Inc., Gig Harbor, no WA offices
  • Pro Money Management, LLC, Walla Walla, no ADV on file
  • Raymond James Financial Services (no response)
  • Seagrass Advisors, LLC, Bellevue, no ADV on file
  • Seattle Portfolio Company, Seattle, out of business
  • SEI Huntington Steele, LLC (out of state acquisition)
  • The Advisor Benefits Group, Inc., Kennewick, no ADV on file
  • U.S. Trust/B of A (no response)
  • Umpqua Investments (no response)
  • Union Bank (no response)
  • Vestory was acquired by Apella Capital, CT
  • Voya Financial Advisors, Bellevue, no WA state offices
  • Wells Fargo Wealth Management Group (no response)

Top Ten largest AUM increases (min. $1 billion in ‘21 AUM)

Firm AUM Increase (in millions)
1. Parametric Portfolio Associates, Seattle +$58,000
2. Fisher Investments, Camas +$38,700
3. Russell Investment Group, Seattle +$32,600
4. Financial Advocates Investment Mgm’t, Olympia/Portland +$12,800
5. Milliman Advisors, LLC, Seattle/Multiple Offices +$4,970
6. Columbia Pacific Advisors, Seattle +$4,690
7. Zevenbergen Capital Investments, LLC, Seattle +$3,080
8. Brighton Jones, LLC, Seattle/AZ/DC/OR/S.F. +$3,000
9. Washington Capital Management, Inc., Seattle +2,917
10. Pugh Capital Management, Inc., Seattle +$2,730

Top Ten largest percentage increase in AUM (min. $1 billion in ‘21 AUM)

Firm % Increase
1. Columbia Pacific Advisors, LLC, Seattle +245%
2. Financial Advocates Investment Mgm’t, Olympia/Portland +116%
3. Zevenbergen Capital Investments, LLC, Seattle +113%
4. Washington Capital Management, Inc., Seattle +57%
5. Coldstream Wealth Management, Bellevue/Seattle +48%
6. Verus Advisory, Inc., Seattle/L.A./S.F. +46%
7. Brighton Jones, LLC, Seattle/AZ/DC/OR/S.F. +44%
8. Badgley Phelps Wealth Managers, Seattle +44%
9. The Clarius Group, LLC, Bellevue +38%
10. Merriman, Bellevue/Seattle/Spokane/Eugene +36%

Top Wealth Managers

Every year our Washington State Money Managers Ranking List is comprised of approximately 400 participating firms, ranked by AUM size. This year, the number of firms with AUM of at least $1 billion 52 firms, same as 2020. This prestigious list includes some top firms in the country and the bar to be considered a top wealth manager is being raised higher each year.

In 2021, the top 50 firms on our list had a total AUM of $1.152 trillion, versus $1.004 trillion in 2020, an increase of +$148 billion. On average, the top 50 firms had $23 billion in AUM in 2021, about the same as the top 50 firms in 2020.

RAH Financial Asset & Wealth Management Practice

Wealth managers who are seeking faster asset growth than their internal resources allow, will continue to build via acquisition or lift-out. Lift-outs are typically comprised of senior Advisor/Business Development team moves with significant client assets to follow. 2021 will forever be remembered as the year of the Coronavirus Variants. Many Money Managers continued with the delicate task of having much of their staff working remotely and meeting with clients, virtually, triggering a continued number of closures, mergers and consolidation. Numerous firms were unable to be sufficiently flexible to conduct business in such a manner and sought either to sell or close their doors. We are expecting continued consolidation activity in 2022.

We are anticipating a continued increase in staffing demand in early 2022 as firms feel they can safely do so during the ongoing pandemic. We here at RAH Financial strive to remain uniquely positioned to anticipate and satisfy local firms’ evolving staffing requirements. Our Asset and Wealth Management Practice has an established track record of success in partnering with institutional and retail investment firms, private wealth managers and hedge funds.

Positioned well for 2022, our Asset and Wealth Management Practice has an established track record of success in partnering with institutional and retail investment firms, private wealth managers and hedge fund clients to assess and recruit:

  • HNW/UHNW Advisors with/without Portable Books of Business
  • Executive leadership teams or turnkey solutions;
  • Seasoned analysts and portfolio managers across all asset classes;
  • Marketing, sales and client service professionals;
  • Infrastructure, technology and systems managers;
  • Risk management, legal and compliance, finance and human resources executives.

“The intelligent investor is a realist who sells to optimists and buys from pessimists.” ~ Benjamin Graham, The Intelligent Investor