Family Office
Convergent Wealth brings in ex-Northern Trust vet
City National's multifamily office subsidiary builds out Los
Angeles office. Former Northern Trust regional president Donald
Berghoff has joined Convergent Wealth Advisors (CWA) as a
managing director in its new Los Angeles office. He reports to
the multifamily office's chief of staff Lawrence Miles, who is
based in Los Angeles.
"Don brings with him tremendous industry knowledge and we are
confident that he will play a critical role as we expand our
presence in Los Angeles," says CWA's chairman and CEO Steve
Lockshin. "We are very pleased to welcome Don to the Convergent
team."
Dynamic
Rockville, Md.-based CWA used to be Lydian Wealth Management. Its
erstwhile corporate parent, Palm Beach, Fla.-based Lydian, sold
it to Los Angeles-based City National Corporation about a year
ago. Now it's part of City National's Convergent Capital
Management, a Chicago-based holding company for asset- and
wealth-management boutiques. When the merger was announced, CWA
said it planned to open a Los Angeles office by the end of 2007
-- a pledge it honored by opening for business in Los Angeles in
last year's fourth quarter, according to spokeswoman Laura
Smith.
Berghoff was with Northern Trust for about 10 years; first as
head of its Family Advisory Services office in Westwood, Calif.,
then as a region president with responsibility for the that
office plus two others in the Los Angeles area.
Before joining Northern Trust, Berghoff was with the Private Bank
of Bank of America (now part of Bank of America's U.S. Trust Bank
of America Private Wealth Management), where he was head of
operations for five offices.
Berghoff describes CWA as a "dynamic and growing company" that
benefits from its association with the City National brand."As a
result, I believe that Convergent has a tremendous opportunity
for growth in Los Angeles and I look forward to helping lead that
effort," he says.
CWA, which advises on assets of about $7 billion, provides
investment-consulting and wealth-management services to
ultra-high-net-worth families and individuals. It has offices in
Atlanta, Chicago, Los Angeles, New York, Philadelphia, Portland,
Seattle and -- thanks to its Beltway headquarters -- the
Washington, D.C., area. -FWR
Purchase reproduction rights to this article.
