(Revised at 9:25 a.m. Pacific on 5/25/2023 to clarify Ten Capital's growth.)
Ten Capital Wealth Advisors LLC, of Spokane, has reached $1 billion in assets under management between its home offices in Spokane and its offices in Seattle, Washington.
“Reaching ($1 billion) lets us know we’re doing something right, to be able to reach that kind of milestone,” says Tim Mitrovich, CEO of Ten Capital Wealth Advisors.
The company’s achievement coincides with a new strategic partnership with Chicago-based Hightower Advisors LLC, which will enable Ten Capital to offer a wider range of services to its clients and provide greater support for its staff.
Mitrovich says assets under management have grown organically by roughly $500 million in about the last two years. That growth occurred after a company it had merged with separated from Ten Capital after six months, taking its managed assets with it.
As reported in the Journal in 2020, Ten Capital merged with Vickerman & Driscoll Financial Advisors Inc., which had over $300 million in assets under management at the time. That firm now operates as Vickerman Investment Advisors.
Jacob Timm, president at Ten Capital Wealth Advisors, says he looks forward to the company’s next chapter of growth and expansion.
“I remember back in 2013 when we were trying to get past the $100 million mark,” he says.
Mitrovich founded Ten Capital in 2012 with longtime veteran of the industry, Kurt Orton, who retired in 2017.
A tenant of the Wonder Building at 835 N. Post, in Spokane’s North Bank area, Ten Capital’s advisers serve as wealth managers to about 900 clients including business owners, executives, and multigenerational families. The company is comprised of 17 employees, including nine wealth advisers, three certified financial planners, a client manager, and additional support staff.
Hightower Advisors provides wealth management, financial, and retirement planning services to individuals, foundations, and family offices. As of March 31, 2023, Hightower’s assets under management totaled $119.9 billion. As a partner with smaller companies like Ten Capital, Hightower Advisors offers services designed to accelerate growth, such as business development, consulting, leadership, and talent acquisition, a company press release says.
Mitrovich says a partnership with a company like Hightower was an essential step in growing Ten Capital while maintaining its own identity and culture.
“I had read a lot about firms reaching this milestone,” he says. “While exciting on one level, (it) could be troubling on the other, because you’re tending to have a workload that requires additional support.”
About three years ago, management at Ten Capital began to assess potential partners that would allow the company to grow, while retaining the model it has, which includes hosting client events and a multistep planning process, Mitrovich says.
“The only one that would really enable us to retain our entrepreneurial spirit, that unique service model and autonomy was a firm like Hightower,” he says.
Mitrovich adds that Hightower will assist Ten Capital with almost all back-office and compliance administration such as human resources and provide mentoring and group support.
Timm says the team at Ten Capital conducted an extensive search to find the right partner.
“We chose Hightower for its similar culture and incredible suite of value-added services, especially the considerable support the firm offers to business owners, which is a large component of our practice,” he says in a press release.
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