BEACHWOOD, Ohio, May 11, 2023 /PRNewswire/ — Stratos Wealth Enterprises, a Stratos Wealth Holdings (“Stratos”) company that collectively oversees $22.8 billion in brokerage and advisory assets, announced today the launch of Stratos Private Wealth as the firm continues to expand its services for ultra-high-net-and high-net-worth clients.
Stratos will increase its investment in BWM Financial to a majority stake and the San Diego-based firm will rebrand as Stratos Private Wealth. Jeff Brown, CEO and Founder of BWM Financial, will serve as President of Stratos Private Wealth and report to Lou Camacho, President of Stratos Enterprises.
The announcement was made during Stratos’ three-day national conference held in Scottsdale, Arizona.
“Jeff and the team at BWM Financial have been integral in the growth and execution of our private wealth strategy. We are thrilled to take our relationship to the next level as we build an interdependent national firm that offers highly regarded practices, investment strategy and client services under one brand,” said Camacho.
Stratos Private Wealth will be based out of San Diego and operate as a division of Stratos Wealth Partners. The business unit will identify opportunities for growth within Stratos and outside of the network.
Brown said, “We have had a long-standing and successful partnership with Stratos that allowed my firm to grow. I love working with Stratos’ executive team and our firms are well-aligned in culture, so it made sense to create a new entity that provides an enhanced client experience that delivers comprehensive wealth management services that address legal and tax issues as well as financial planning needs.”
Stratos made its first strategic investment in BWM Financial in 2020 after five years of working with Brown and his team. In 2021, BWM acquired a complimentary, Stratos-affiliated wealth manager Truuwater Financial, also based in San Diego. A year later, Stratos increased its stake in BWM to 33%.
Charles Shapiro, Founding Partner and Chief Development Officer at Stratos, added, “In partnership with Stratos, Jeff has achieved strong growth since joining us in 2015. I am so proud of Jeff’s evolution from advisor to CEO of a leading practice in Southern California, and we welcome him to our management team at Stratos. I have complete confidence he will continue to help us develop innovative services for our advisor partners to enhance their own client offerings.”
Stratos Private Wealth is a division through which Stratos Wealth Partners, Ltd. markets wealth management services. Investment advisors services are offered through Stratos Wealth Partners, Ltd., a registered investment adviser.
About Stratos Wealth Holdings
Stratos Wealth Holdings is a family of companies focused on supporting the growth and success of financial advisors across business models and affiliation structures. Stratos companies include Stratos Wealth Partners, Stratos Wealth Advisors, Stratos Wealth Enterprises, Stratos Private Wealth and Fundamentum. Stratos includes a national network of 341 experienced financial advisors and financial planning practitioners working across 28 states as of March 31, 2023.
Stratos Wealth Partners, Ltd., an SEC Registered Investment Advisor, managed over $10.2 billion in advisory assets, and advises through LPL Financial, over $7.8 billion in brokerage and third-party managed assets, for a total of $18 billion, as of March 31, 2023.
Fundamentum, LLC, an SEC Registered Investment Advisor, manages over $1.2 billion in advisory assets, as of March 31, 2023.
Stratos Wealth Advisors, LLC, an SEC Registered Investment Advisor, managed over $3 billion in advisory assets and over $32 billion in third-party managed assets, as of March 31, 2023.
Stratos Wealth Management DBA LPL Financial, an SEC Registered Investment Advisor, manages over $334 million in advisory assets, and advises through LPL Financial, over $319 million in brokerage and third-party managed assets, for a total of $653 million, as of March 31, 2023.
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