The latest investment follows on a strategic investment Stratos Wealth Partners made in the firm in 2020.
By Alex Padalka|February 23, 2022
Hybrid registered investment advisor firm Stratos Wealth Partners says it has increased its stake in a $1.5 billion California-based wealth management practice.
The latest investment, which follows on a 2020 strategic investment, brings Stratos’ stake in San Diego-based BWM Financial to 33%, according to Lou Camacho, chief operating officer of Stratos Wealth Holdings and president of Stratos Wealth Enterprises. The companies didn’t disclose the financial terms of the deal.
Founded in 1996 by Jeff Brown, BWM serves high-performing business professionals and founders and other high-net-worth clients, according to Stratos. BWM’s relationship with Stratos dates back seven year.
“We are very pleased with the outcome of our decision in 2015 to join this renowned network of financial advisors, which has resulted in the opportunity to scale, grow and increase our services to clients in Southern California," Brown said in a statement.
In 2021, BWM acquired Stratos-affiliated Truuwater Financial.
Stratos, meanwhile, took a minority stake in 2021 in Summit Wealth Partners.
Stratos Wealth Partners, which advises through LPL Financial, is part of Stratos Wealth Holdings. The network also includes Stratos Wealth Advisors, Stratos Wealth Enterprises and Fundamentum, representing more than 300 financial advisors and financial planners across 26 states, the company says.
Stratos Wealth Partners had $18.61 billion in brokerage and advisory assets as of the end of 2021, according to the company.
Stratos Wealth Advisors oversaw more than $2.59 billion in advisory assets as of the end of 2021, and Fundamentum over $1.25 billion, according to the firm.
Stratos Wealth Management, doing business as LPL Financial, had $833 million in client assets as of the end of last year, the company says.