IndependentWealth Advisers

The Top 25
Independent
Wealth
Advisers
Wealth Advisers
The Top 25
Independent
sanfrancisco.bizjournals.com
FOCUS
MAY 23, 2008
focus
3
SF BUSINESS TIMES | MAY 23-29, 2008
INSIDE
NO. 2: Charles Brighto
NO. 3: Thomas Burkha
NO. 4: Richard Stone
NO. 5: Keith McWilliam
NO. 6: Jeff Colin
OVERVIEW
SPENCER BROWN
Rising to the top
The Bay Area’s top-ranked
independent wealth advisers
NO. 1: Tim Kochis tops the Bay Area’s Top 25 Independent Wealth Advisers List for the second year in a row.
The wealth managemen
industry is growing in th
Greater Bay Area. 34
LISTS
Independent
Wealth Advisers. 42
Women Wealth
Advisers. 44
Corporate Wealth
Advisers. 46-49
Wealth Managers. 50
Mutual Funds. 52
Highest-Paid
Athletes. 54
INDEPENDENT WEALTH ADVISERS
SF BUSINESS TIMES | MAY 23-29, 2008
INDEPENDENT WEALTH ADVISERS
sanfrancisco.bizjournals.com
35
Embracing
independenceininfinancial
financial
planning
Embracing independence
planning
BY JENNIFER
JENNIFER PENDLETON
BY
PENDLETON
No. 1
San Francisco Business Times Contributor
Tim Kochis
San Francisco Business Times Contributor
A
Title: Chief executive officer.
Company: Aspiriant (formerly Kochis Fitz/Quintile).
Base: San Francisco.
Typical size of account: $15 million to $25 million.
Typical client’s net worth: $20 million to $30 million.
Team’s total assets: $4.96 billion.
Watching in ’08: “What could have significant impact on
investment markets is predictable, and that’s the prospect
of tax-rate increases. We are also looking out for inflation.
Inflation has been popping up lately … if this is something
that becomes more permanent, it’s very disconcerting.”
“We are committed to independence forever,” says
Kochis of his firm.
Spencer Brown
SPENCER BROWN
s one of the elders of financial planning, Tim
Kochis has helped shape a profession that didn’t
As one
thepresent
elders
financial
existof
in its
formof
until
the 1970s. planBefore
the decade
of Richard
Nixon and
Jimmy
ning,
Tim
Kochis
has
helped
shape
a proCarter, the field’s disciplines were handled piecemeal, by
fession
didn’t exist
in its
present
lawyers,that
accountants,
insurance
specialists
andform
others.
Today,
comprehensive
financial planning, overseen by a
until
the
1970s.
well-versed professional, is accepted and respected.
Before
thecredit
decade
ofto Richard
Nixon
Some of the
must go
Kochis. His long
list of
accomplishments include: founding the University of
and
Jimmy
Carter,
the
field’s
disciplines
California personal financial planning program 28 years
ago; helping
create
the comprehensive
Certified Financial
were
handled
piecemeal,
by lawyers,
acPlanning examination in 1991, leading the CFP board of
countants,
insurance
specialists
and the
others.
standards in
the 1990s, and
more recently,
international CFP
certification.
Today,
comprehensive
financial planning,
Kochis’ immersion began out of law school at the
overseen
a well-versed
professional,
Universityby
of Michigan
in Ann Arbor
(and after a is
twoyear hitchand
in the
Army, including a stint in Vietnam). At
accepted
respected.
Continental Bank in Chicago, his first professional stop,
Someworked
of the
go attotheKochis.
Kochis
withcredit
a small must
group then
forefront of
personal
for executives. In
law school,
His
long financial
list of planning
accomplishments
include:
Kochis excelled in bread-and-butter courses, such as tax,
founding
the University
of California perestate planning
and property law.
“I knew
this field
would give
me the opportunity
sonal
financial
planning
program
28 years to
exercise those muscles,” he said. He earned an M.B.A. at
ago;
helping
the
comprehensive
Cernight
from the create
University
of Chicago
in 1979.
Soon
after, KochisPlanning
sought a newexamination
start, to recover in
from
tified
Financial
a failed first marriage and a series of brutal Chicago
1991,
leading
CFP
of standards
winters.
Kochis the
moved
firstboard
to Los Angeles,
then San
He was national director of financial planning
in Francisco.
the
1990s,
and
more
recently,
the
interfor the Bank of America (1981-85) where he forged bonds
with a diverse
base; in 1985, he started a six-year
national
CFP client
certification.
stint with Deloitte & Touche in a similar role.
Kochis’
immersion
began
outhe of
lawhis
In 1991, Kochis
took a major
step when
founded
own independent
firm with Deloitte
Linda Fitz.
school
at the University
ofcolleague
Michigan
in
“It became a much bigger organization, and it became
“We
committed
to independence
moreare
difficult
to get the kind
of attention I felt the business needed,”
he Kochis
said. His of
clients
him to
forever,”
says
his encouraged
firm.
venture out.
Kochis Fitz grew and prospered, and as of Jan. 1, it
merged with Quintile Wealth Management; the combined
Ann Arbor (and after a two-year hitch in
the Army, including a stint in Vietnam). moved first to Los Angeles, then San FranAt Continental Bank in Chicago, his first cisco. He was national director of financial
professional stop, Kochis worked with a planning for the Bank of America (1981-85)
small group then at the forefront of per- where he forged bonds with a diverse clisonal financial planning for executives. In ent base; in 1985, he started a six-year stint
law school, Kochis excelled in bread-and- with Deloitte & Touche in a similar role.
In 1991, Kochis took a major step when
butter courses, such as tax, estate planning
he
founded his own independent firm with
and property law.
Deloitte
colleague Linda Fitz.
“I knew this field would give me the op“It
became
a much bigger organization,
portunity to exercise those muscles,” he
and
it
became
more difficult to get the kind
said. He earned an M.B.A. at night from
Setting
a
higher
standard
for
the
of
attention
I
felt
the business needed,” he
the University of Chicago in 1979.
said.
His
clients
encouraged
him to venture
Bay
Area
investment
community
Soon after, Kochis sought a new start,
out.
to recover from a failed first marriage and
Kochisforum
Fitz grew and prospered, and as
a series of
Chicago
winters. has
Kochis
CFAbrutal
Society
of San Francisco
been the leading
for the Bay Area investment community since 1929.
Over 2,800 members strong, we are the local society of CFA
Institute, the global membership organization which awards the
Chartered Financial Analyst® (CFA®) designation.
Employers and high net worth investors recognize the
CFA® Charter as the professional designation of excellence
in the investment community. The CFA® curriculum
and exam reflect the highest standards of professional conduct
and latest knowledge that investment professionals need
in order to practice in today’s global marketplace.
To learn more about the CFA® Charter and the
CFA Society of San Francisco please visit our website
entity
manages
$5 billion
client assets
. The
of
Jan.
1, it nearly
merged
with inQuintile
Wealth
merged entity also formed an ownership structure that
Management;
the
combined
entitystakes.
mangave around half of its
70 employees
ownership
Clients value independence, Kochis said, because it
ages
nearly
$5
billion
in
client
assets.
The
eliminates the conflicts of interest that emerge with a
merged
entityengaged
also formed
anbusinesses.
ownership
parent company
in multiple
To
employees, an independent company offers greater stastructure
that
gave
around
half
of
its
70
bility since the organization’s fortunes can’t be adversely
impacted by poorly
performing
sister companies.
employees
ownership
stakes.
“We are committed to independence forever,” said
Clients
value
independence,
Kochis. “We have set ourselves up so weKochis
will neversaid,
have
to sell ourselves
to a bank, orthe
become
part ofof
some
rollbecause
it eliminates
conflicts
interout, or cash out in some other way.”
estRecently,
that emerge
with
a
parent
company
Kochis Fitz/Quintile dropped its nameenin
favor of ain
newmultiple
moniker, Aspiriant,
meant toTo
signify
aspiragaged
businesses.
employtion and spirit, and a permanently independent future.
ees,
independent
company
greater
Kochisan
plans
to end his term
as CEO inoffers
December
2009,
take a sabbatical,
return
in an emeritus role.
stability
sincethen
the
organization’s
fortunes
“I don’t anticipate ever retiring,” he said.
can’t be adversely impacted by poorly [email protected]
■
forming
sister companies.
“We are committed to independence forever,” said Kochis. “We have set ourselves
up so we will never have to sell ourselves
to a bank, or become part of some rollout,
or cash out in some other way.”
Recently, Kochis Fitz/Quintile dropped
its name in favor of a new moniker, Aspiriant, meant to signify aspiration and spirit,
and a permanently independent future. Kochis plans to end his term as CEO in December 2009, take a sabbatical, then return
in an emeritus role.
“I don’t anticipate ever retiring,” he said.
[email protected] n
42 42 THE THE
LISTLIST
The
Winner’s
101Jones
Second
St., Ste.
1400,
Francisco
94105-3655
Brighton
101
Second
St.,LLC
Ste.
1400,
SanSan
Francisco
94105-3655
2253(415)
Union371-7800
St., Ste. 101, San Francisco 94123
(415) 371-7800
Brighton
(415)Charles
673-3632
Charles
Brighton
22
Brighton Jones LLC
ThomasJones
Burkhart
Brighton
LLC
2253 Union
St., Ste. 101, San Francisco 94123
The Savant
Group
2253
Union673-3632
St., Ste. 101, San Francisco 94123
(415)
461 Second
St., Ste. 151, San Francisco 94107
(415)
673-3632
Thomas
Burkhart
(415)
543-9963
Thomas Burkhart
3
3
3
4
The Savant Group
Richard
Stone
The
Savant
GroupSt., Ste. 151, San Francisco 94107
461 Second
Salient
Wealth
LLC
461
Second
St.,Management
Ste. 151, San
Francisco 94107
(415)
543-9963
750 Lindaro
St.,
Ste. 130, San Rafael 94901
(415)
543-9963
Richard
Stone
(415)
526-2900
Richard
Stone
Salient
Wealth Management LLC
44
Keith750
McWilliams
Lindaro
St., Ste. 130,
San Rafael 94901
Salient
Wealth
Management
LLC
(415)Investment
526-2900
Mt. Eden
750
Lindaro
St., Ste. Advisors
130, San Rafael 94901
343 Sansome
St., Ste. 1600, San Francisco 94104
Keith
McWilliams
(415)
526-2900
(415)Mt.
288-3000
Eden Investment Advisors
Keith
McWilliams
5
5
5
6
343 Investment
Sansome St.,
Ste. 1600, San Francisco 94104
JeffEden
Colin
Mt.
Advisors
288-3000
Baker(415)
Street
Advisors LLC
343 Sansome St., Ste. 1600, San Francisco 94104
Jeff
Colin
455 Market
St., Ste. 620, San Francisco 94105
(415)
288-3000
Baker
Street Advisors LLC
(415)Colin
344-6180
Jeff
6
6
7
7
7
8
455 Market
St., Ste. 620, San Francisco 94105
Norman
Boone
Baker
Street
Advisors LLC
(415) 344-6180
Mosaic
Financial
Partners
Inc. Francisco 94105
455
Market
St., Ste.
620, San
Norman
140 Geary
St., Boone
6th Floor, San Francisco 94108
(415)
344-6180
Mosaic
Financial Partners Inc.
(415)
788-1952
Norman Boone
140 Geary St., 6th Floor, San Francisco 94108
Thomas
Myers
Mosaic
Financial
Partners Inc.
(415)
788-1952
Brownson,
Rehmus
& Foxworth
Inc.
140
Geary
St.,
6th Floor,
San Francisco
94108
Thomas
Myers
1550Brownson,
El CaminoRehmus
Real, Ste.
200, Menlo
(415)
788-1952
& Foxworth
Inc. Park 94025
(650)1550
328-1766
Thomas
Myers
El Camino Real, Ste. 200, Menlo Park 94025
8
8
99
9
10
Debra
Wetherby
(650)
328-1766& Foxworth Inc.
Brownson,
Rehmus
Wetherby
Asset
Management
1550
El Camino
Real, Ste. 200, Menlo Park 94025
Debra
Wetherby
417 Montgomery
St.,Management
3rd Floor, San Francisco 94104
(650)
328-1766Asset
Wetherby
(415)417
399-9159
Montgomery St., 3rd Floor, San Francisco 94104
Debra
Wetherby
(415)Asset
399-9159
Jeff Lancaster
Wetherby
Management
Jeff Lancaster
Bingham,
Osborn,St.,
& Scarborough
LLC
417
Montgomery
3rd Floor, San
Francisco 94104
Bingham,
Osborn,
Scarborough
LLC 94104
345 California
St.,
Ste. &1100,
San Francisco
(415)
399-9159
345
California St., Ste. 1100, San Francisco 94104
(415)
781-8535
Jeff Lancaster
10
10
1111
11
1212
(415) 781-8535
Dan Goldie
Bingham,
Osborn, & Scarborough LLC
Dan Goldie
Dan California
Goldie
Financial
345
St., Ste.Services
1100, San Francisco 94104
Dan Goldie
750 Menlo
Ave., Financial
Ste. 200,Services
Menlo Park 94025
(415)
781-8535
750
Menlo Ave., Ste. 200, Menlo Park 94025
(650)
566-1121
Dan Goldie
(650) 566-1121
JohnGoldie
Ohmer
Dan
Financial Services
John Ohmer
YBRMenlo
Financial
Advisors
750
Ave.,
Ste.
200, Menlo Park 94025
YBR Financial
Advisors
22212221
Pacific
Ave.,Ave.,
Ste. Ste.
1, San
Francisco
94115
(650)
566-1121
Pacific
1, San
Francisco
94115
(415)(415)
346-2221
346-2221
John
Ohmer
12
1313
13
1414
Eric Financial
Rudney
YBR
Advisors
Eric Rudney
Rudney
Associates
2221
Pacific
Ave., Ste. 1, San Francisco 94115
Rudney
Associates
111 Deerwood
Road,
Ste. Ste.
130,130,
SanSan
Ramon
94583
(415)
346-2221
111
Deerwood
Road,
Ramon
94583
(925)Rudney
838-0696
(925)
838-0696
Eric
Bruce
Dzieza
Bruce
Dzieza
Rudney
Associates
Willow
Financial
Services
Willow
CreekCreek
Financial
Services
Inc.Inc.
111
Deerwood
Road,
Ste.
130,
San
Ramon 94583
100
Larkspur
Landing
Circle,
110,
Larkspur
94939
100 Larkspur
Landing
Circle,
Ste.Ste.
110,
Larkspur
94939
(925)
838-0696
(415)
925-1388
(415)
925-1388
Bruce Dzieza
14
1515
15
1616
Mike Fitzhugh*
Mike Fitzhugh*
Willow
Creek Financial Services Inc.
Aspiriant Landing Circle, Ste. 110, Larkspur 94939
Aspiriant
100
Larkspur
101 Second
St., Ste.
1400,
Francisco
94105
101 Second
St., Ste.
1400,
SanSan
Francisco
94105
(415)
925-1388
371-7800
(415)(415)
371-7800
Mike
Fitzhugh*
George Papadoyannis
George Papadoyannis
Aspiriant
George Papadoyannis
George
101
Second
St., Ste.
1400,
San
Francisco
951Papadoyannis
Mariners
Island
Blvd.,
Ste.
410, San94105
Mateo 94404
951 Mariners
Island Blvd., Ste. 410, San Mateo 94404
(415)
371-7800
(650)
593-9170
(650) 593-9170
George
Papadoyannis
16
1717
17
1818
Andrew Rand
Andrew
Rand
George
Papadoyannis
Howe
Barnes Hoefer Arnett Inc.
Howe
Barnes
Hoefer
Arnett
Inc.410,
951
Mariners
Island
Ste.
San Mateo
94404
555
Market
St., Blvd.,
18th
Floor,
San Francisco
94105
555 Market
St., 18th Floor, San Francisco 94105
(415)
538-5708
(650)
593-9170
(415)
538-5708
Gregory
Andrew
RandFriedman
Gregory
Friedman
Friedman
& Associates
Howe
Barnes
Hoefer
Arnett Inc.
1744&Novato
Blvd,
Ste.San
200,Francisco
Novato 94947
Friedman
Associates
555
Market
St., 18th
Floor,
94105
(415)
493-5900
1744
Novato
Blvd,
Ste.
200, Novato 94947
(415) 538-5708
Osborne
(415)Charles
493-5900
Gregory
Friedman
18
1919
20
19
20
Osborne
Partners Capital Management
Charles
Friedman
&Osborne
Associates
580 Partners
CaliforniaCapital
St., Ste.Management
San Francisco 94104
Osborne
1744
Novato
Blvd, Ste.
200,1900,
Novato
94947
(415) 362-5637
580 California
St., Ste. 1900, San Francisco 94104
(415)
493-5900
Michael
Golub
(415) 362-5637
Charles
Osborne
Golub Group
MichaelPartners
Golub
Osborne
Management
2929 CampusCapital
Drive, Ste.
145, San Mateo 94403
Golub
Group
580
California
St., Ste. 1900, San Francisco 94104
(650)
212-2240
2929 362-5637
Campus Drive, Ste. 145, San Mateo 94403
(415)
Michael Allard
(650) 212-2240
Michael
Golub
21
20
21
22
21
22
$3 - $10+
$459,900,000
$7
$5 - $10
$603,000,000
$10 - $30
$2 - $3
$10 - $30
$2 - $5+
$2 - $5+
$2 - $5+
$1 - $10+
$1 - $10+
$1 - $10+
$1 - $5
$1 - $5
$1 - $5
$1.5
$1.5
$1.5
$1$1
- $2
- $2
$1 - $2
$6
$5+
$5+
$3 - $10+
$3 - $10+
$5 - $10
$5 - $10
$30+
$30+
$30+
$2 - $10
$2 - $10
$2 - $10
$25 - $200+
$25 - $200+
$20 - $100
$10 - $30
$972,998,661
$20 - $100
$5+
$1.9
$20 - $100
$2 - $3+
$1.9
$1,650,000,000
$25+
$1.9
$6
$25+
$5
$6
$7
$25+
$4,960,000,000
$4,960,000,000
$2 - $3
$7
$20$20
- $30
- $30
$2 - $3+
$2 - $3
$15
- $25
$15
- $25
$5
$2 - $3+
Typical
Typical
account size net worth
Team total
4
(millions)
(millions)4
assets2
Typical
Typical
Typical
Typical
$15 - $25
$20 - $30
$4,960,000,000
account
size
worth
totaltotal
account
size netnet
worth Team
Team
4
4
2
(millions)
(millions)4 (millions)
(millions)4 assets
assets2
$5
Small bus.
Small bus.
Small bus.
Endowments
Advisesclients
clientswith
with investable
investable assets
Advises
assetsof:
of:
<$1mm $1mm-$10mm
$1mm-$10mm >$10mm
<$1mm
>$10mm
1 1
Endowments
Endowments
Rank3
1
1
21
Advises clients with investable assets of:
<$1mm
$1mm-$10mm >$10mm
1
Foundations
Adviser
Firm
Address
Adviser
Adviser
Phone
Firm
Firm
Tim Kochis*
Address
Address
Aspiriant
Phone St., Ste. 1400, San Francisco 94105-3655
Phone
101 Second
(415)Kochis*
371-7800
Tim
Kochis*
Tim
Aspiriant
Charles
Brighton
Aspiriant
Foundations
Foundations
Rank3 Rank3
sanfrancisco.bizjournals.com
SF BUSINESS
MAY 23-29,
| MAY |23-29,
sanfrancisco.bizjournals.com
TIMESTIMES
2008 2008
Circle: The Bay Area’s
Top 25 Independent WealthSF BUSINESS
Advisers
The
Winner’s
25 Independent
IndependentWealth
WealthAdvisers
Advisers
The
Winner’sCircle:
Circle:The
TheBay
Bay Area’s
Area’s Top 25
$25 - $200+
$15 - $50
$15 - $50
$15 - $50
$5 - $10+
$5 - $10+
$5 - $10+
$2 - $20+
$2 - $20+
$2 - $20+
$3 - $10
$3 - $10
$3 - $10
$1 $1
$1
$2.5$2.5
- $7- $7
$2.5 - $7
$1,650,000,000
$1,650,000,000
$972,998,661
$972,998,661
$459,900,000
$459,900,000
$603,000,000
$603,000,000
$4,000,000,000
$4,000,000,000
$4,000,000,000
$400,000,000
$400,000,000
$400,000,000
$10,000,000,000
$10,000,000,000
$10,000,000,000
$3,000,000,000
$3,000,000,000
$3,000,000,000
$2,100,000,000
$2,100,000,000
$2,100,000,000
$450,000,000
$450,000,000
$450,000,000
$230,000,000
$230,000,000
$230,000,000
$310,000,000
$310,000,000
$310,000,000
$440,000,000
$440,000,000
$440,000,000
$15
- $25
$15
- $25
$15$15
- $25
- $25
$4,960,000,000
$4,960,000,000
$15
- $25
$0.5
- $3
$2 -$15
$8 - $25
$4,960,000,000
$861,000,000
$0.5 - $3
$2 - $8
$861,000,000
$2$0.5 - $3
$2
$3 $2 - $8
$861,000,000
$450,000,000
$1$2
- $5+
$3 -$3
$10+
$236,000,000
$450,000,000
$1$1
- $2
- $5+
$3 -$3
$5- $10+
$800,000,000
$236,000,000
$1
$3 - $5+
$690,000,000
$0.625
$3
$125,000,000
$1 - $5+
$1 - $2
$1 - $2
$1
$3
$3 - $10+
$3 - $5
$3 - $5
$3 - $5+
$450,000,000
$236,000,000
$800,000,000
$800,000,000
$690,000,000
$1
$3 - $5+
$690,000,000
CalBay Investments Inc.
Michael
Allard
$0.625
$3
$125,000,000
Golub
Group
500
La
Gonda Way, Ste. 280, Danville 94526
CalBay
Investments
2929
Campus
Drive,Inc.
Ste. 145, San Mateo 94403
(925)
743-3360
500 La
Gonda
Way, Ste. 280, Danville 94526
(650)
212-2240
Carlo
Panaccione
$3 - $12
$5 - $10
$330,000,000
(925)Navigation
743-3360
Michael
AllardGroup Inc. Wealth Planning and Management Services $0.625
$3
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sanfrancisco.bizjournals.com
SF BUSINESS TIMES | MAY 23-29, 2008
Reprinted with permission from the San Francisco Business Times. ©2008, all rights reserved. Reprinted by Scoop ReprintSource 1-800-767-3263.