Washington Wealth Management added Domari Wealth Management, a breakaway team from Wells Fargo with $135 million in assets under management and $1.4 million in revenue, to its newly formed Woodland Hills, Calif., office.
Domari is lead by 22-year industry veteran Brian Danelian and includes planners J. Allen Thompson and Christine L. Fountain.
"As the wirehouse model continues to disappoint advisors and clients alike, the revolution in our business grows," Washington Wealth Chief Executive Rob Bartenstein said in a statement. "Smart, seasoned, savvy advisors are making decisions on behalf of their clients, not an upfront check. Brian and his team at Domari Wealth Management personify this sort of advisor; one that is motivated by an overriding dedication to client interests, to objectivity and choice."
Washington Wealth Management was established by wirehouse veterans for the express purpose of setting experienced financial advisors free, the firm said. The firm added that it offers advisors true ownership of their business and an open architecture approach to investment choices that vastly exceeds that of a single wirehouse.
"After meeting with the team at Washington Wealth Management, it became apparent very quickly that this was the right time and place for me to make the move to independence," Danelian said in a statement. "It's the right move, not only for me, but for my clients. This platform allows me to offer them an enormous number of investment solutions and the ability to serve them in an objective, unbiased manner. . Washington Wealth provides me with the freedom to always serve my clients in a way that is best for them and supports me with an excellent level of service.
Domari Wealth is the second team to join Washington Wealth's Woodland Hills office this year, joining Pacific Point Asset Management, which came over in May.
Jeff Bouchard, Washington Wealth's divisional director, and Whit Whitehouse, the firm's Los Angeles market director, helped bring Domari on.
"As we grow the LA market on behalf of local advisors seeking freedom we are thrilled to attract top-notch professionals like these," Bouchard said in a statement. "They operate with an unmatched level of ethical standards and have a constant devotion to doing what's best for their clients every step of the way. It's that laser-like focus on the client that I know is going to allow Brian's business to truly blossom under the independent model."
Since the start of 2012 Washington Wealth Management's national footprint has expanded to include eight locations nationwide.