Coldstream Wealth Management, an employee-owned, independently operated wealth management firm with offices in Washington, Oregon, Idaho and Alaska, has acquired two firms to expand its footprint in the Pacific Northwest.
The Seidman Capital Group, a wealth management firm, and Hersman Serles Almond, an accounting and consulting services firm, will join Coldstream, according to a news release Both firms, based in Kirkland, Wash., were co-founded by Victoria Serles, a CPA who has more than 40 years of financial services experience. The Seidman Capital Group will operate under the Coldstream name, and Hersman Serles Almond will continue to operate under its own brand.
The Seidman Capital Group has five advisors and three support staffers who oversee more than $250 million in assets under management. The firm, which was founded in 2004, provides comprehensive financial, investment and insurance planning services. It also offers fiduciary oversight for employer-sponsored retirement plans and asset protection strategies, Coldstream said. Shane Payette and Brittany Gabelein are principals at the firm.
Hersman Serles Almond, which was founded in 1980, has 17 financial professionals, including six partners. In addition to handling income taxes, the firm’s services include trust and estate planning for high-net-worth households as well as succession planning and valuations for businesses.
“Merging with Coldstream comes at the ideal phase of our respective businesses,” Serles, who serves as a partner at the financial firm and managing partner at the accounting firm, said in a statement. “The firm understands how we operate, the value-add that sophisticated tax services can bring to wealth management clients and how a truly comprehensive financial services company can stand out as a destination of choice for top talent who continually seek new challenges in order to grow throughout their careers.”
Serles, who is known as an industry leader, previously served as the partner in charge of the private client wealth management division of BDO USA, Coldstream said. During that time, she was involved with international banking, finance, mergers and acquisitions, real estate syndication, and estate and trust administration.
“I am thrilled that our firm cultures are in such strong alignment, and that our business models complement each other so well,” Kevin Fitzwilson, Coldstream’s managing shareholder, said in a statement. “Combining our firms brings us one step closer to our vision of creating a world class, independent firm of the future; one that provides multiple career path choice for our employees, and broader in-house resources for tax, trust, estate and retirement plan capabilities.”
The move builds on Coldstream’s momentum in the Pacific Northwest. In June 2022, Coldstream merged with LWM Wealth Management, a Kenai, Alaska-based firm with approximately $170 million in assets under management. In September 2021, Coldstream merged with Rosenbaum Financial, a Portland, Ore.-based firm with approximately $463 million in assets under management. Coldstream, founded in 1996, focuses on high-net-worth clients.