Beverly Hills Wealth Management has launched an internal asset management division with the addition of the emerging McComsey Asset Management, with $30 million in assets under management, to help attract a greater number of breakaway brokers.

The BHWM partnership is somewhat unique in the advisory world. Many RIA firms outsource asset management of client portfolios and many asset managers -- which build specific portfolio strategies as opposed to an overall allocation – are often absorbed into banks and other financial institutions, says John Stuart, chief information officer of BHWM, with offices in California, Arizona, and Florida. The acquisition, Stuart says, is part of additional in-house services BHWM is offering in an effort to lure breakaways and attract the high-net worth market – something he anticipates seeing other RIAs do as well.

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