NEWS

After surpassing $1B in assets, Jefferson Bank-owned money manager targets expansion in 2021

A fast-growing wealth management firm owned by San Antonio-based Jefferson Bank expects its momentum to continue in 2021 while expanding to new areas in South Texas.

Monticello Wealth Management, founded in 2015, has nine employees and more than $1.35 billion in assets under management as of Dec. 31, adding $575 million last year in part due to a new subadviser agreement with an undisclosed partner.

“We believe our growth stems in part from sharpening our focus on communicating effectively with our existing clients, which led to many referrals,” Monticello President Todd Brockwell said. “We feel our new 2020 clients were attracted to our straightforward, transparent approach to investing, as well as the breadth and depth of services we offer.”

Brockwell said that through the difficult economic environment and an aggressive market correction in 2020, Monticello’s transparency as to what was going on in clients’ portfolios helped them build trust with their clients and pick up more as a result through referrals.

Another attraction for new clients, Brockwell said, is that the firm regularly meets its clients’ other consultants and with Jefferson bankers — a key in getting through rough market conditions.

“While we have a client and we are interfacing with the client, we don’t have to own the relationship,” Brockwell said. “We can share the relationship with other financial advisers.”

The firm — which focuses on high-net-worth individuals and families — attracted more than 50 new clients last year and now represents about 250 clients. Since 2018, it has added more than $950 million in assets under management.

Brockwell expects more growth in 2021 with new alternative and direct investment offerings, as well as expansion into new areas such as Kerrville, where it will work with Jefferson Bank branches in that city and build word-of-mouth relationships through large existing clients.

“We’re very much on target, and we’ve exceeded our first quarter target already going into February,” Brockwell said. “What we’re going to do is focus on building out our platform further.”