Ex-Wetherby director of research joins $750m RIA
Rebalance, a $756 million RIA, has hired a Wetherby Asset Management veteran to serve as its vice president of investment advice.
The firm has recruited Drew Pratt (pictured above), who previously chaired Wetherby Asset Management’s investment committee and served as its director of research from 2009-2015: he most recently served as a senior wealth manager at the firm, which he appeared to leave in January, according to his LinkedIn. Wetherby, which manages around $5 billion in assets, is based in San Francisco, near Rebalance’s office in Palo Alto, Calif.
Pratt specialized in managing money for ultra-high-net-worth clients at Wetherby: his typical client account size at the firm sat at $15 million in assets. Rebalance serves a different clientele, specializing in mass-market investors.
‘What attracted me to Rebalance was its innovative platform, committed team and sensible approach to wealth management,’ Pratt said in a statement. ‘The investment platform provides a great value proposition to our clients by featuring global diversification, low cost and low turnover, all while striving to provide exceptional client service.’
Rebalance, which also maintains an office in Bethesda, Md., provides investment management, financial planning and advice through its Rebalance 360 program. The firm, which is helmed by managing directors Mitch Tuchman and Scott Puritz, invests client assets in an in-house suite of seven model portfolios which consist of four to 10 ETFs apiece.
‘Drew is enormously respected in the industry and wields expertise in wealth management for both individuals and institutional clients. He also brings deep knowledge in investment and portfolio management. After decades of experience in active management, Drew has become a true advocate for low-cost portfolio indexing,’ Tuchman said. ‘Drew embodies our culture of high integrity and the core belief that our client’s financial well-being is paramount.’