Aspiriant, the industrys third largest RIA, promoted Michael Kossman, the firms chief finance officer, to chief operating officer and hired Bret Magpiong as CFO.
With more than $7 billion in assets under management, Aspiriant provides wealth management services for some 800 individual and family office clients nationally. It has 125 employees in offices in San Francisco, Los Angeles, New York, Boston, Cincinnati, Minneapolis and Milwaukee. Unlike many of its competitors, Aspiriant is 100% owned by current and former key employees, which attributes to its long-term stability and independence.
While assuming the role of COO, Kossman will continue to serve as Aspiriants chief compliance officer. In his new role, he will oversee investment operations, technology, human resources, regulatory and legal affairs, and help drive the firms strategic planning and implementation.
Magpiong, who worked for privately-held wealth manager Sasco/Roxford One, will replace Kossman. As CFO, Magpiong will be responsible for corporate finance, accounting, and tax and treasury management.
With more than 25 years of business operations and financial experience, Kossman was a senior member of Aspiriants predecessor firm, Kochis Fitz, which he joined in 2000. He played a critical role in Kochis Fitzs merger with Quintile Wealth Management and Deloitte Investment Advisors.
Kochis Fitz was a recognized pioneer in the wealth management industry, while Quintile led the development of the fully integrated family office structure.
Kossman received his CPA license in 1991, and served as international tax manager at Gap Inc. He also served as the deputy executive director at Project Open Hand, a large institutional social services agency, where he oversaw programs that fed more than 2,000 people daily through home delivered meals, drop-in grocery programs, and lunch sites.
Since 1985, Magpiong has been working with financial services firms that focus on serving high-net-worth individuals and families. Prior to joining Aspiriant, Magpiong was president and chief personal financial officer for Sasco/Roxford One. Before that, he was chief financial officer for Andell Holdings in Los Angeles.
He has served on the boards of several non-profit organizations, including the California State Summer School for the Arts, Los Angeles Neighborhood Land Trust and Stand To Reason. Magpiong is a Certified Public Accountant on inactive status in the State of California.