Salem Financial Planning Firm Bain Wealth Management Group Launches RIA
Combines Access, Service and Technology in Hybrid Model
Salem OR– September 11, 2015 – Bain Wealth Management Group (BWMG) has offered financial and retirement planning services in the Willamette Valley for over 30 years. The firm has evolved quite a bit over these past decades, and today they are making a particularly significant change, establishing themselves as a Registered Investment Advisor (RIA). This change will allow them to serve their clients even more effectively, efficiently, with greater transparency, and with access to even broader investment options.
Ultimately, the reason for this change is to enable them to continue to deliver excellent service to their clients. “We see this as a critical part of our evolution as a leader for our clients in the personal financial services space,” said Mark Bain, co-founder and CEO.
This restructuring of BWMG as an independent RIA firm is a definitive step in their move toward an open architecture model, which allows them to further expand their clients’ investment management options. It enables advisors Frank Bain and Mark Bain to leverage powerful technology tools and provide broad access to worldwide investment products, without losing sight of the personal touches that can only come from a local firm that really knows its clients.
Since its original founding in 1983, the firm has been affiliated with several Broker-Dealers, most recently Voya Financial Advisors, formerly known as ING Financial Partners (ING).
“This move allows us to make key operational improvements to virtually every part of our business,” said Bain. “Back in 2001, ING was the ideal foundational partner for us. But today we see ourselves as an entirely new breed of financial services firm — on the front end of the RIA hybrid trend.”
The BWMG launch is part of a small but growing trend among traditional firms who are establishing themselves as hybrid RIAs, typically offering fee-based investment accounts and broad financial planning services. The number of wealth managers who registered as investment advisers grew at an annual rate of 8 percent between 2004 and 2012, while brokers at traditional firms fell by an average of 1.2 percent in those years, according to Cerulli Associates, a Boston-based wealth management consulting firm.
As an independent hybrid RIA, BWMG has access to many custodians (i.e. TD Ameritrade, Charles Schwab, Scottrade, Fidelity, Pershing, State Street, etc). They use select custodians for certain situations. But their custodian of choice to hold the assets managed by BWMG is TD Ameritrade Institutional (TDA), one of the premier brokerage houses in the United States. TDA provides comprehensive brokerage and custody services to more than 4,000 fee-based, independent registered investment advisors (RIAs). BWMG chose TDA due to their excellent credit ratings, financial strength and commitment to providing outstanding service and technology.
For clients where a different management approach is preferred, investments will be offered through the services of Purshe Kaplan Sterling Investments (PKS), BWMG’s new full-service broker-dealer. They will utilize the clearing services of National Financial Services (NFS), a Fidelity Investments company. Leveraging the resources of these two organizations allows BWMG to streamline the process of executing trades and allowing BWMG to continue to focus on what is most important – managing their clients’ assets.
As part of its launch, BWMG is introducing a newly redesigned website and client portal. The website address is www.bainwealthmanagement.com. The newly-restructured firm also plans to host an extended open house for their clients, which will be held in their office located at 885 Lancaster Drive SE, Suite C, Salem, OR 97317.
For more information, please contact Mark Bain at 503-370-9003.