Bellevue-based Coldstream Wealth Management (https://www.coldstream.com) continues to grow, announcing today that it is merging with Portland-based Rosenbaum Financial, (https://www.rosenbaumfinancial.com) which has approximately $463 million in assets under management.
Rosenbaum Financial will operate under the Coldstream brand, and all its employees will remain in place, according to a news release. Upon completion of the merger, the combined firm will have 30 financial advisors, 112 employees, and manage more than $6.7 billion in assets.
The Rosenbaum deal is the latest among several Coldstream has made the past few years as a growing independent wealth management firm in the Pacific Northwest. In May, (https://www.425business.com/news/eastside-wealth-management-firms-to-merge/article_7f1ecd38-115a-59bf-b12c-fab8f649c7c4.html ) it announced a merger with Mercer Island-based Paracle Advisors, with $1.4 billion in client assets. That followed two other smaller deals Coldstream made in recent years: with George R. Pierce & Associates of Seattle in 2016, and The Rainier Group of Bellevue in 2017.
Employee-owned Coldstream, with offices in Bellevue, Mercer Island, and Seattle, has done the mergers without leveraging outside capital.
Kevin Fitzwilson, Coldstream’s managing shareholder, said Coldstream and Rosenbaum are highly compatible.
“Beyond the robust strategic fit, we share a common culture that is passionate about upholding our fiduciary responsibilities, delivering exceptional client service, giving back to the community, and promoting the professional and personal growth of our employees, who are also our firm’s owners,” Fitzwilson said in the release. “In combining with Rosenbaum Financial, we have once again demonstrated how it is possible to build a thriving wealth management business without having to rely on private equity dollars and private equity agendas. … Equally important, this merger shows that RIAs (registered investment advisors) of all sizes are still hungry to align with like-minded partners that see the bigger picture in this same light.”
Mark Rosenbaum will lead Coldstream’s Team Rosenbaum as relationship manager and team lead after serving as Rosenbaum Financial’s president and CEO. Managing partner Kim Rosenberg will be relationship manager and wealth planner for Team Rosenbaum. Rosenbaum said the firm is excited to evolve with Coldstream.
“After meeting with numerous potential partners for the future, we were disenchanted with many who seemed solely focused on maximizing profits, a stark contrast to Kevin and his team, whose emphasis on delivering a great client experience and cultivating a strong internal culture was more in lockstep with our own beliefs,” Rosenbaum said in the release. “Beyond that, we were impressed by the quality of Coldstream’s offerings and look forward to leveraging its size and scale to streamline our internal operations and boost our planning capabilities by providing new investment opportunities to our clients.”
Coldstream supports high-net-worth clients with comprehensive wealth management, insurance and financial planning services. Rosenbaum specializes in serving high-net-worth families and individuals, business owners, widowed or divorced women, and institutions.