SAN RAFAEL — San Rafael-based wealth management and advising firm Private Ocean is expanding, responding to rising demand from a wave of aging Bay Area executives and business owners eying an end-of-career asset strategy.
The firm (www.privateocean.com, 415.526.2904), which currently manages $746 million in assets, added a new office in Walnut Creek this year and is actively looking for acquisition opportunities in the South Bay Area region, said Richard Stone, founder and chairman.
“We intend to be over $1 billion in assets in over the next few years,” he said.
In hiring former Burr Pilger Mayer partner Robert Anderson to join the East Bay office, the firm is also looking to boost its profile as an adviser for SF Bay Area business owners, Mr. Stone said.
“It strengthens our already strong offering in dealing with the individual business owner, particularly in the sale of the business to create an income-providing asset,” he said.
Founded as Salient Wealth Management in 1983, Private Ocean was formed from a merger with Friedman & Associates in 2009. The merger created a firm with approximately $600 million in assets under management, with a minimum investment of $2 million.
The firm currently has a staff of 23, including one chartered financial analyst and seven certified financial planners, Mr. Stone said.
In addition to an inflow of business from aging baby boomers, Mr. Stone said that years of tepid returns were now drawing many investors to pursue a more advanced strategy.
“Many had their financial plans stop during the recession. Now, there’s more optimism,” he said.
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