Two years after it jumped from a downtown tower to Tobacco Row, a local wealth management and financial software company is reversing course.
Wealthcare Capital Management is vacating the Edgeworth Building at 2100 E. Cary St. in favor of a space on the 11th floor of Two James Center at 1021 E. Cary St.
The firm, which was founded in 1999 and came under new private equity ownership in 2013, will take 5,800 square feet in the James Center, downsizing from its 12,000 square feet in the Bottom.
CEO Len Reinhart said the Edgeworth sublease was more space than the company could fill at the time, and was still too much square footage when the lease came up for renewal.
“When we went to the Edgeworth building, the business was sort of in transition,” Reinhart said. “We weren’t sure what we needed.”
Wealthcare operates as part tech company and part finance firm. Its main offering has been Financeware, a software program that it sells to other advisory firms and to individual financial advisers. In recent years it switched its focus to the other side of its business–its own stable of affiliated and in-house advisors.
It’s added $750 million in assets under management at two dozen advisors in the last year, Reinhart said. It now manages around $1.7 billion in client assets.
“We’re a financial services firm transitioning from a software company to an asset management company,” he said.
Reinhart, a longtime Wealthcare board member who took over as CEO last year after the departure of predecessor Michael Ashker, said the firm also wanted to be back in the center of downtown surrounded by other finance firms. It enlisted broker Brian Berkey of Cushman & Wakefield | Thalhimer in its search for space.
The company has 36 employees, with two dozen in the Richmond office. It also has offices in California and Pennyslvania.