FOCUS Wealth Advisers · Athletes. 54 INSIDE The Bay Area’s top-ranked independent wealth advisers OVERVIEW The wealth management industry is growing in the Rising to the top Greater

MAY 23, 2008

The Top 25IndependentWealth Advisers

focussanfrancisco.bizjournals.com SF BUSINESS TIMES | MAY 23-29, 2008 33 Wealth Advisers

FOCUSThe Top 25 Independent

NO. 1:Tim Kochis tops the Bay Area’s Top 25 Independent Wealth Advisers List for the second year in a row.

SP

EN

CE

R B

RO

WN

NO. 2: Charles Brighton

NO. 3: Thomas Burkhart

NO. 4: Richard Stone

NO. 5: Keith McWilliams

NO. 6: Jeff Colin

LISTSIndependent Wealth Advisers. 42Women Wealth Advisers. 44Corporate Wealth Advisers. 46-49Wealth Managers. 50Mutual Funds. 52Highest-Paid Athletes. 54

INSIDE

The Bay Area’s top-ranked independent wealth advisers

OVERVIEWThe wealth management industry is growing in the Greater Bay Area. 34

Rising to the top

BY JENNIFER PENDLETONSan Francisco Business Times Contributor

As one of the elders of financial plan-ning, Tim Kochis has helped shape a pro-fession that didn’t exist in its present form until the 1970s.

Before the decade of Richard Nixon and Jimmy Carter, the field’s disciplines were handled piecemeal, by lawyers, ac-countants, insurance specialists and others. Today, comprehensive financial planning, overseen by a well-versed professional, is accepted and respected.

Some of the credit must go to Kochis. His long list of accomplishments include: founding the University of California per-sonal financial planning program 28 years ago; helping create the comprehensive Cer-tified Financial Planning examination in 1991, leading the CFP board of standards in the 1990s, and more recently, the inter-national CFP certification.

Kochis’ immersion began out of law school at the University of Michigan in Ann Arbor (and after a two-year hitch in the Army, including a stint in Vietnam). At Continental Bank in Chicago, his first professional stop, Kochis worked with a small group then at the forefront of per-sonal financial planning for executives. In law school, Kochis excelled in bread-and-butter courses, such as tax, estate planning and property law.

“I knew this field would give me the op-portunity to exercise those muscles,” he said. He earned an M.B.A. at night from the University of Chicago in 1979.

Soon after, Kochis sought a new start, to recover from a failed first marriage and a series of brutal Chicago winters. Kochis

moved first to Los Angeles, then San Fran-cisco. He was national director of financial planning for the Bank of America (1981-85) where he forged bonds with a diverse cli-ent base; in 1985, he started a six-year stint with Deloitte & Touche in a similar role.

In 1991, Kochis took a major step when he founded his own independent firm with Deloitte colleague Linda Fitz.

“It became a much bigger organization, and it became more difficult to get the kind of attention I felt the business needed,” he said. His clients encouraged him to venture out.

Kochis Fitz grew and prospered, and as

of Jan. 1, it merged with Quintile Wealth Management; the combined entity man-ages nearly $5 billion in client assets. The merged entity also formed an ownership structure that gave around half of its 70 employees ownership stakes.

Clients value independence, Kochis said, because it eliminates the conflicts of inter-est that emerge with a parent company en-gaged in multiple businesses. To employ-ees, an independent company offers greater stability since the organization’s fortunes can’t be adversely impacted by poorly per-forming sister companies.

“We are committed to independence for-ever,” 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, Aspiri-ant, meant to signify aspiration and spirit, and a permanently independent future. Ko-chis plans to end his term as CEO in De-cember 2009, take a sabbatical, then return in an emeritus role.

“I don’t anticipate ever retiring,” he said.

[email protected] n

Spencer Brown

“We are committed to independence forever,” says Kochis of his firm.

Embracing independence in financial planningSF BUSINESS TIMES | MAY 23-29, 2008 sanfrancisco.bizjournals.com INDEPENDENT WEALTH ADVISERS 35

BY JENNIFER PENDLETONSan Francisco Business Times Contributor

A s one of the elders of financial planning, Tim Kochis has helped shape a profession that didn’t exist in its present form until the 1970s.

Before the decade of Richard Nixon and Jimmy Carter, the field’s disciplines were handled piecemeal, by lawyers, accountants, insurance specialists and others. Today, comprehensive financial planning, overseen by a well-versed professional, is accepted and respected.

Some of the credit must go to Kochis. His long list of accomplishments include: founding the University of California personal financial planning program 28 years ago; helping create the comprehensive Certified Financial Planning examination in 1991, leading the CFP board of standards in the 1990s, and more recently, the interna-tional CFP certification.

Kochis’ immersion began out of law school at the University of Michigan in Ann Arbor (and after a two-year hitch in the Army, including a stint in Vietnam). At Continental Bank in Chicago, his first professional stop, Kochis worked with a small group then at the forefront of personal financial planning for executives. In law school, Kochis excelled in bread-and-butter courses, such as tax, estate planning and property law.

“I knew this field would give me the opportunity to exercise those muscles,” he said. He earned an M.B.A. at night from the University of Chicago in 1979.

Soon after, Kochis sought a new start, to recover from a failed first marriage and a series of brutal Chicago winters. Kochis moved first to Los Angeles, then San Francisco. He was national director of financial planning for the Bank of America (1981-85) where he forged bonds with a diverse client base; in 1985, he started a six-year stint with Deloitte & Touche in a similar role.

In 1991, Kochis took a major step when he founded his own independent firm with Deloitte colleague Linda Fitz.

“It became a much bigger organization, and it became

more difficult to get the kind of attention I felt the busi-ness needed,” he said. His clients encouraged him to venture out.

Kochis Fitz grew and prospered, and as of Jan. 1, it merged with Quintile Wealth Management; the combined

entity manages nearly $5 billion in client assets . The merged entity also formed an ownership structure that gave around half of its 70 employees ownership stakes.

Clients value independence, Kochis said, because it eliminates the conflicts of interest that emerge with a parent company engaged in multiple businesses. To employees, an independent company offers greater sta-bility since the organization’s fortunes can’t be adversely impacted by poorly performing 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 roll-out, or cash out in some other way.”

Recently, Kochis Fitz/Quintile dropped its name in favor of a new moniker, Aspiriant, meant to signify aspira-tion 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] ■

Embracing independence in fi nancial planning

“We are committed to independence forever,” says Kochis of his firm.

No. 1 Tim KochisTitle: 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.”

SP

EN

CE

R B

RO

WN

Setting a higher standard for the Bay Area investment community

CFA Society of San Francisco has been the leading forum 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

www.cfasanfrancisco.org

INDEPENDENT WEALTH ADVIsERs

42 THE LIST sanfrancisco.bizjournals.com SF BUSINESS TIMES | MAY 23-29, 2008

AdviserFirmAddressPhone

The Winner’s Circle: The Bay Area’s Top 25 Independent Wealth Advisers

Ran

k31Advises clients with investable assets of:<$1mm $1mm-$10mm >$10mm Fo

unda

tions

End

owm

ents

Sm

all b

us.

Typicalaccount size(millions)4

Typicalnet worth(millions)4

Team totalassets2

1 Tim Kochis*Aspiriant101 Second St., Ste. 1400, San Francisco 94105-3655(415) 371-7800

$15 - $25 $20 - $30 $4,960,000,000

2 Charles BrightonBrighton Jones LLC2253 Union St., Ste. 101, San Francisco 94123(415) 673-3632

$5 $6 $1,650,000,000

3 Thomas BurkhartThe Savant Group461 Second St., Ste. 151, San Francisco 94107(415) 543-9963

$2 - $3+ $5+ $972,998,661

4 Richard StoneSalient Wealth Management LLC750 Lindaro St., Ste. 130, San Rafael 94901(415) 526-2900

$2 - $3 $3 - $10+ $459,900,000

5 Keith McWilliamsMt. Eden Investment Advisors343 Sansome St., Ste. 1600, San Francisco 94104(415) 288-3000

$7 $5 - $10 $603,000,000

6 Jeff ColinBaker Street Advisors LLC455 Market St., Ste. 620, San Francisco 94105(415) 344-6180

$25+ $30+ $4,000,000,000

7 Norman BooneMosaic Financial Partners Inc.140 Geary St., 6th Floor, San Francisco 94108(415) 788-1952

$1.9 $2 - $10 $400,000,000

8 Thomas MyersBrownson, Rehmus & Foxworth Inc.1550 El Camino Real, Ste. 200, Menlo Park 94025(650) 328-1766

$20 - $100 $25 - $200+ $10,000,000,000

9 Debra WetherbyWetherby Asset Management417 Montgomery St., 3rd Floor, San Francisco 94104(415) 399-9159

$10 - $30 $15 - $50 $3,000,000,000

10 Jeff LancasterBingham, Osborn, & Scarborough LLC345 California St., Ste. 1100, San Francisco 94104(415) 781-8535

$2 - $5+ $5 - $10+ $2,100,000,000

11 Dan GoldieDan Goldie Financial Services750 Menlo Ave., Ste. 200, Menlo Park 94025(650) 566-1121

$1 - $10+ $2 - $20+ $450,000,000

12 John OhmerYBR Financial Advisors2221 Pacific Ave., Ste. 1, San Francisco 94115(415) 346-2221

$1 - $5 $3 - $10 $230,000,000

13 Eric RudneyRudney Associates111 Deerwood Road, Ste. 130, San Ramon 94583(925) 838-0696

$1.5 $1 $310,000,000

14 Bruce DziezaWillow Creek Financial Services Inc.100 Larkspur Landing Circle, Ste. 110, Larkspur 94939(415) 925-1388

$1 - $2 $2.5 - $7 $440,000,000

15 Mike Fitzhugh*Aspiriant101 Second St., Ste. 1400, San Francisco 94105(415) 371-7800

$15 - $25 $15 - $25 $4,960,000,000

16 George PapadoyannisGeorge Papadoyannis951 Mariners Island Blvd., Ste. 410, San Mateo 94404(650) 593-9170

$0.5 - $3 $2 - $8 $861,000,000

17 Andrew RandHowe Barnes Hoefer Arnett Inc.555 Market St., 18th Floor, San Francisco 94105(415) 538-5708

$2 $3 $450,000,000

18 Gregory FriedmanFriedman & Associates1744 Novato Blvd, Ste. 200, Novato 94947(415) 493-5900

$1 - $5+ $3 - $10+ $236,000,000

19 Charles OsborneOsborne Partners Capital Management580 California St., Ste. 1900, San Francisco 94104(415) 362-5637

$1 - $2 $3 - $5 $800,000,000

20 Michael GolubGolub Group2929 Campus Drive, Ste. 145, San Mateo 94403(650) 212-2240

$1 $3 - $5+ $690,000,000

21 Michael AllardCalBay Investments Inc.500 La Gonda Way, Ste. 280, Danville 94526(925) 743-3360

$0.625 $3 $125,000,000

22 Carlo PanaccioneNavigation Group Inc. Wealth Planning and Management ServicesThree Lagoon Drive, Ste. 110, Redwood City 94065(650) 595-1700

$3 - $12 $5 - $10 $330,000,000

23 Jan LambertLambert and Associates2817 Crow Canyon Road, Ste. 206A, San Ramon 94583(925) 820-0338

$0.875 $2 - $5 $239,000,000

24 Jill HollanderFinancial Connections Group Inc.2608 9th St., Ste. 302, Berkeley 94710(510) 849-4667

$1 $1 - $5 $135,000,000

25 Peter KarpKarp Capital Management2269 Chestnut St., Ste. 308, San Francisco 94123(415) 345-8185

$1.5 $3 - $5 $95,000,000

Printed with permission by the Winner’s Circle LLC, owner of the copyright, with the understanding that the Winner’s Circle registered trademark and copyrighted material and rights are protected. Thismay not be published outside the SFBT without written consent from the Winner’s Circle LLC. 1Investable assets, excluding primary residence; “ ” indicates 5% or more of adviser’s business. 2Total team assetsinclude custodied and non-custodied assets that adviser and team advise. Adviser is ranked on individual assets, or percentage of contribution to team; some individuals on list are not part of team and assets reflect onlytheir share. Different weightings are assigned to different types of assets. 3Ranking algorithm includes revenues produced, but is not published. 4Account size and net worth refer to individual business,not institutional; net worth includes primary residence. *Kochis and Fitzhugh are partners. The Winner’s Circle is an organization independent of the firms involved and does not receive compensation from the over 100 participating firms or its affiliates, financial advisers or the media in exchange for ranking purposes. Each adviser on this year’s List was filtered down from a national list of securities firms, banks, independent firms and more. The Winner’s Circle vetted each Series-7 registered adviser through a host of quantitative and qualitative criteria, including assets managed, revenues, experience levels, acceptable compliance records and U4 forms, discussions with management and more. Because client portfolios are typically unaudited, portfolio performance is not a criteria; instead, the Winner’s Circle focuses on customer satisfaction and client retention. The Winner’s Circle is a registered trademark of the Winner’s Circle LLC. For more information about the Winner’s Circle or to nominate an adviser, visit www.wcorg.com.




Ran

k3

1Advises clients with investable assets of:<$1mm $1mm-$10mm >$10mm Fo

unda

tions

End

owm

ents

Sm

all b

us.



Team totalassets2


$15 - $25 $20 - $30 $4,960,000,000


$5 $6 $1,650,000,000


$2 - $3+ $5+ $972,998,661


$2 - $3 $3 - $10+ $459,900,000


$7 $5 - $10 $603,000,000


$25+ $30+ $4,000,000,000


$1.9 $2 - $10 $400,000,000


$20 - $100 $25 - $200+ $10,000,000,000


$10 - $30 $15 - $50 $3,000,000,000


$2 - $5+ $5 - $10+ $2,100,000,000


$1 - $10+ $2 - $20+ $450,000,000


$1 - $5 $3 - $10 $230,000,000


$1.5 $1 $310,000,000


$1 - $2 $2.5 - $7 $440,000,000


$15 - $25 $15 - $25 $4,960,000,000


$0.5 - $3 $2 - $8 $861,000,000


$2 $3 $450,000,000


$1 - $5+ $3 - $10+ $236,000,000


$1 - $2 $3 - $5 $800,000,000


$1 $3 - $5+ $690,000,000


$0.625 $3 $125,000,000


$3 - $12 $5 - $10 $330,000,000


$0.875 $2 - $5 $239,000,000


$1 $1 - $5 $135,000,000


$1.5 $3 - $5 $95,000,000





Ran

k3

1Advises clients with investable assets of:<$1mm $1mm-$10mm >$10mm Fo

unda

tions

End

owm

ents

Sm

all b

us.



Team totalassets2


$15 - $25 $20 - $30 $4,960,000,000


$5 $6 $1,650,000,000


$2 - $3+ $5+ $972,998,661


$2 - $3 $3 - $10+ $459,900,000


$7 $5 - $10 $603,000,000


$25+ $30+ $4,000,000,000


$1.9 $2 - $10 $400,000,000


$20 - $100 $25 - $200+ $10,000,000,000


$10 - $30 $15 - $50 $3,000,000,000


$2 - $5+ $5 - $10+ $2,100,000,000


$1 - $10+ $2 - $20+ $450,000,000


$1 - $5 $3 - $10 $230,000,000


$1.5 $1 $310,000,000


$1 - $2 $2.5 - $7 $440,000,000


$15 - $25 $15 - $25 $4,960,000,000


$0.5 - $3 $2 - $8 $861,000,000


$2 $3 $450,000,000


$1 - $5+ $3 - $10+ $236,000,000


$1 - $2 $3 - $5 $800,000,000


$1 $3 - $5+ $690,000,000


$0.625 $3 $125,000,000


$3 - $12 $5 - $10 $330,000,000


$0.875 $2 - $5 $239,000,000


$1 $1 - $5 $135,000,000


$1.5 $3 - $5 $95,000,000


32 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.

Documents

FOCUS Wealth Advisers · Athletes. 54 INSIDE The Bay Area’s top-ranked independent wealth advisers OVERVIEW The wealth management industry is growing in the Rising to the top Greater