AUSTIN, Texas--(BUSINESS WIRE)--The Board of Managers of Durbin Bennett Peterson Private Wealth Management, LLC, an independent and privately owned Registered Investment Advisory (RIA) firm, formally announced today the addition of new equity partners, Matthew Jachimiak and Paul Lueb, along with an equity investment by Fiduciary Network, an investment firm specializing in providing passive capital. In addition, the firm announced that Harold E. Peterson will be stepping down to pursue individual interests. Matthew Jachimiak has been appointed Chief Investment Officer and Margaret Casey Chief Operations Officer.
"We are excited to have admitted two additional partners and to have completed our alignment with Fiduciary Network, a key strategic partner who will enhance the future growth of the firm," said original founding Partner, Brent Durbin. “Durbin Bennett will continue to provide the high level of wealth management services and cutting edge expertise it is known for,” he added.
Fiduciary Network, formed in 2006 by Mark Hurley and backed by Emigrant Bank in New York and Virgo Investments, has now completed 15 minority equity investments in fee-only RIA firms. "The transaction with Durbin Bennett was structured to allow the founders to make other equity partners and strategic acquisitions in order to grow the business, while maintaining independent control of the firm," according to Hurley. "It also provides an affiliation and collaboration of nationally prominent independent fee-only RIA firms across the country."
In 2001, Brent Durbin and Richard Bennett combined their existing wealth management practice unit with Harold Peterson to create Durbin Bennett Peterson | Private Wealth Management, LLC. The firm's assets under management (AUM) now approach $1 billion, making it one of Austin’s leading RIAs.
“After 14 years of success, I see the strategic partnership with Fiduciary Network as allowing me to focus on a different, but complementary, direction," noted Peterson, stating he will continue his community involvement in Austin and pursue his passion of consulting and advisory services with endowments, foundations and private family offices.
“The decision to transition and pursue my personal interests has not been an easy one, but the time is right, now that our agreement with Fiduciary Network is in place and the fact that we have identified outstanding next generation leadership for the firm,” said Peterson. “I leave fully confident that the firm's expertise and strong reputation for client service will continue to be its hallmark.”
“Together with Hal, we accomplished every objective we set for ourselves and the firm expresses its deep appreciation for his contribution to that growth and success,” said Bennett. “It is exciting that we have the long term succession of our practice firmly in place to ensure intergenerational wealth advice for our clients,” he added.
About Durbin Bennett, LLC.
Durbin Bennett is an independent and privately owned Registered Investment Advisor dedicated to providing investment management and strategic wealth planning to successful entrepreneurs and high net worth families, functioning as their trusted advisor.