Chicago, Ill.-based RIA Cresset Wealth Advisors has opened its fifth office and recruited a team of advisors from JP Morgan Private Bank.
‘They call this the golden age of the RIA and we’re seeing more advisors drawn to this model,’ said Doug Regan, chief executive of Cresset Wealth Advisors. ‘We have a very strong pipeline and expect to onboard more advisors throughout 2018 and increase in 2019.'
The firm, which also has offices in West Palm Beach, San Francisco and Denver opened up a Seattle, Washington location to broaden its reach in the Pacific Northwest.
It recruited Paul Meyer, Jaimi Dennehy and Chris Kalafatis as advisors from JP Morgan Private Bank, to lead the new office.
‘During their careers, they have worked with very successful families in the Pacific Northwest,’ Regan said. 'Now they will help us build a next-generation wealth management firm on our independent, family and employee-owned platform.'
Cresset Wealth Advisors had $3.1 billion in assets under management as of September 30. Including the new hires, the firm now has 13 total advisors.
Regan said they are actively recruiting advisors and advisor teams. In the near term, he said there are also plans to hire client support representatives for the new office.
Cresset steers away from model portfolios and runs each client portfolio on an individually customized basis.
The investment team works with advisors to construct client portfolios using cost effective smart-beta funds for traditional investments. They use third party active managers for access to inefficient markets in conjunction with private investments in real estate and private companies.