Three years ago, Massachusetts-based RIA First National added an asset management unit to its $375 million wealth management business. With a little more than $1 million in out-of-pocket assets to get the firm's tactical ETF strategy off the ground, First National has since grown to oversee more than $13.9 million in total client assets.

First National President Michael Hebert tells Money Management Executive that while the firm is small and also new to fund management and its newly adopted strategy, it's goal in asset management is simple: "expand." Since launching, Hebert touts the unit's three-year track record as well as recognition from Morningstar for its ETF strategies.

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