A Tennessee-based financial firm is extending a second arm into Richmond.
Wunderlich Securities has opened a branch of its wealth management division in the local market, adding to the investment banking operations it has had here since 2010.
Headquartered in Memphis, Wunderlich tapped Tom Johnson to lead its wealth management push in Richmond. Johnson is a veteran of the Richmond financial advisory scene who spent 22 years with Davenport & Co. and more than a decade with Morgan Keegan before it was sold to Raymond James in 2012.
Johnson said he made the leap to Wunderlich after the Raymond James deal. Wunderlich’s ranks also include several former Morgan Keegan employees, giving Johnson some familiar faces at work.
“I just wanted a smaller firm that had people I know rather than people I don’t know,” he said.
Johnson brings with him about $62 million in managed assets.
His clients are mostly individuals from a range of wealth levels, as well as some nonprofits and trusts. His office will target business owners and individual clients in need of financial advisory services.
“People that don’t have the time or inclination to do it themselves,” Johnson said.
Johnson will manage Wunderlich’s Richmond operations and is tasked with expanding the company’s wealth management presence around the state. He has Debbie Tucker on board as assistant branch manager and said he’ll look to add eight to 10 financial advisors over time. He’ll also continue to grow his own client base.
As it searches for a permanent office, Johnson’s Wunderlich branch is working temporarily out of an Innsbrook office at 4600 Cox Road. Johnson said the firm is looking at three potential properties in the West End.
Wunderlich first entered the Richmond market with an investment banking presence in late 2010. It launched with investment bankers Michael Mendelson and Clayton Jones who left the former Anderson Strudwick.
The company has investment banking offices in Leesburg and Arlington, as well as a presence two dozen markets around the country. Johnson’s office is Wunderlich’s first wealth management branch in Virginia.