Two Oregon Adviser Teams Combine

Both teams are from Merrill Lynch Private Client Group, and the two will operate separately under the True Private Wealth Advisors banner.

Davis and Altman, as the Davis/Altman Group, will provide wealth management services to high-net-worth individuals, businesses, corporations and foundations. Gescher and Herber, as the Gescher/Herber Group, will serve corporate retirement plans, cash management accounts, nonprofit organizations, family offices and individual investment accounts.

Also joining True Private Wealth Advisors from Merrill Lynch are two senior registered client associates: Rebecca Engeln and Deborah Parosa.

The advantage to their advisers is that they are not captive to one custodian or one broker/dealer, according to Altman. The teams operate separate profit-and-losses under one roof, but share some fixed costs. “For many of the services we offer, we can shop the street for greater pricing,” Altman told PLANADVISER. “Secondly, more transparency when it comes to fees. Advisers will now disclose all fees and costs. This includes investment management, custodian, platform and advisory fees.” 

Gescher said their research convinced them they could offer better service with an independent business model, especially when they reviewed the resources that are now available through independent partnerships. “Our team has always been steadfastly committed to serving our clients,” Gescher said. “As owners, we have made significant changes that we believe will be of tremendous benefit to our clients.”

In a related deal, Dynasty Financial Partners said that True Private Wealth Advisors joined their network of adviser teams. True Private Wealth Advisors will leverage Dynasty’s technology, managed investments, institutional research, trust and insurance services, and credit facilities. The company will have access to Dynasty’s investment platform, which integrates the proprietary research of Callan Associates. Fidelity Institutional Wealth Services will provide custody services, and Envestnet will provide portfolio trading tools and reporting.

“Dynasty Financial Partners helps us with research, best-in-class planning tools, trust services, technology, etc.,” Altman said. “They are a first-class organization, and we are fortunate to be their partner.”

True Private Wealth Advisors’ headquarters will be in the historic Capitol Building in downtown Salem, Oregon.