Independence Day For Wealth Advisors

 

Portland Business Journal

A Portland wealth management firm says it's at the forefront of a wave of brokers leaving large national firms for more independent boutiques.

True Private Wealth Advisors opened in Salem in August 2012. It's since grown to $560 million in assets under management and a footprint that includes a 2,600-square-foot Portland office in Big Pink.

"We've had good traction in the marketplace," said partner Brett Davis.

The firm works with Dynasty Financial Partners, one of three large companies that provide the back office infrastructure for financial advisors seeking to leave giant firms.

"Part of our business model is to hire advisers who worked for the big firms and help them go independent," said True Private partner Joe Opsahl, a 30-year industry veteran.

Opsahl said the model gives advisers more flexibility in terms of product offerings and makes it easier to serve the interests of clients.

"Independence is so much better than being in this top-down world when you're dealing with a single provider," he said. I haven't been this excited since I first got in the business."

True Private Wealth works with investors with at least $100,000. Most clients have more than $1 million.