Kestra Brings In Utah-Based RIA As Breakaways From Wirehouses Continue

Tom Burroughes

31 October 2017

Kestra PWS, a US registered investment advisor subsidiary of Kestra Financial, has brought in White Cap Wealth Management, a business with $150 million of assets that is based in Provo, Utah.

The business is led by David Johnston, president, and KC Johnston, chief financial officer. The business specializes in individual investment management, executive stock compensation consultation, and 401 design and implementation for plan sponsors, among other areas.

“When it came time to break free from the wirehouse environment, we wanted to partner with a firm that gave us all the tools, support, and guidance needed so we could focus on growing our practice. Kestra PWS really delivered on that front,” Johnston said.

“At Kestra PWS, our business is centered on building and maintaining close relationships with our advisors. Advisors want to be out of the wirehouse, but they don’t want to be isolated,” said Rob Bartenstein, CEO of Kestra PWS.

San Diego, CA-headquartered Kestra Private Wealth Services describes itself as a hybrid RIA. Its platform is comprised of an independent RIA in association with Kestra Investment Services, as broker-dealer to provide its financial advisors with an open architecture platform and independence across both fee and transaction-based business models. Kestra PWS, besides San Diego, has offices in Los Angeles and Orange County, CA; Westport, CT and Middleburg, VA, Salt Lake City, UT and Stuart, FL. Parent firm Kestra Financial is headquartered in Austin, TX.