Washington Wealth Management, the San Diego, Calif. based independent hybrid Registered Investment Advisor, today announced it has recruited two West Coast advisory teams, California Wealth Transitions and Overlake Partners. Upon completion of this addition by the end of 2012, Washington Wealth Management will reach over $1 billion in recruited assets under management, representing a 900% increase since December 2011.

Rob Bartenstein, chief executive officer of Washington Wealth Management, said these newly added practices represent an “outstanding” recruiting year and he is delighted these teams chose to affiliate with and share in the firm’s vision.

“At WWM, we recognize that independence is the target but freedom is the goal,” he said in a statement. “We’re providing these teams with a greater share of freedom in their day to day activities, allowing them to focus on client needs and client service- areas where they are both world class.”

Founded by former wirehouse advisors, California Wealth Transitions is an independent wealth management firm based in San Diego, Calif. The team of experts, each specializing in an area within the lifecycle of the financial planning process, focuses on providing a comprehensive, step-by-step approach to financial and estate planning.

President of California Wealth Transitions, Keith Brandt said the decision to go independent was very liberating for the practice and Washington Wealth Management’s platform was able to provide the best support.

“Investors need to have specialized advice as they embark upon each important stage in their lives, and by providing exceptional behind-the-scenes support and expertise, Washington Wealth Management enables us to focus entirely on our clients," Brandt said in a statement.

Overlake Partners, based in Bellevue, Wash., is an independent boutique wealth management firm that focuses on providing “conflict-free” financial advice to its high-net-worth clients.

John Wilbourne, principal at Overlake Partners, said they chose Washington Wealth Management after an “exhaustive” search to find a firm to fit their specific support and service needs.

“Years of operating within the wirehouse model have made us appreciate the value of teaming with a strategic partner whose execution of service and support offerings give practices the freedom to fully focus on their client relationships while developing their own distinctive brands within the industry,” Wilbourne said in a statement.

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