Coldstream Wealth Management has announced a merger with LWM Wealth Management, a Kenai, Alaska-based firm with approximately $170 million in assets under management. Owned by Roy A. Wells and Mark Griffin, both of whom are certified financial planners, the firm will continue operation under the Coldstream brand.
Following mergers with Paracle Advisors in Mercer Island, Wash., and Rosenbaum Financial in Portland, Ore., in 2021, and the firm's office opening in Boise, Idaho, early this year, Coldstream's expansion into Alaska builds on its growing presence in the Pacific Northwest.
"We're excited to extend Coldstream's reach into the important Alaskan marketplace," said Coldstream managing shareholder Kevin Fitzwilson. "Roy and Mark have built a vibrant independent practice over the years … we look forward to working together to support the hard-working people of Alaska's investment and financial planning needs."
The transaction reflects Coldstream's commitment to growing its business under an employee ownership model without private equity funding, the firm said in an announcement, “a stark contrast to much of the M&A activity that has defined wealth management in recent years.”
Founded in the fall of 2013, LWM serves high-net-worth individuals, trusts and estates across Alaska. Griffin, Wells and Client Services Associate Michelle McGlasson will join Coldstream’s Bellevue, Wash., team led by co-founder Roger Reynolds.
"We did extensive due diligence and met with a number of firms before deciding we belonged with Coldstream,” said Griffin, noting that the deal will enable the LWM team to offer expanded services to clients nationwide, “and allow us to remain approachable and true to our Alaska roots."
"I have a decades long history of working with clients based in Alaska,” Reynolds said, “so I am excited to build on that by welcoming Mark, Roy and Michelle to Coldstream. Together, they have built an impressive business and served their clients with distinction. In joining my team, I am confident that they will be able to maintain the independent spirit that has driven their success and grow further by leveraging our size and scale to streamline their operations and offer even greater support."
"We feel so fortunate that this merger provides a smooth transition and enhanced services for our valued clients,” said Wells. “Though changing names, we are proud of our research results: our legacy continues with Coldstream."
The merger will bring Coldstream—which has been serving HNW clients since 1996—to more than $7 billion in AUM, with 26 financial advisors and 122 employees working from offices in Bellevue, Seattle, and Mercer Island, Wash., Boise, Idaho, and Portland, Ore.