WASHINGTON, DC – Convergent Wealth Advisors comments on the departures of George Dunn and Lori Van Dusen teams: 

Convergent Wealth Advisors advises on approximately $14 billion in assets (as of June 30, 2011). The collective Dunn/Van Dusen teams advised on $4.0 billion of these assets, the vast majority of which included foundations and endowments and most of which were acquired in the September 2008 lift-out of these teams.

Prior to the separation, the businesses were operated as segregated divisions within Convergent.  The coordinated departures were confined to the Dunn and Van Dusen teams and will have no impact on the ongoing operations of Convergent Wealth Advisors.  Convergent’s business remains strong and the firm continues to add clients at a record pace. Convergent recently secured the #1 and #3 spots on the Barron’s Top 100 Independent Financial Advisors list¹.

The mutual agreement contemplates a collaborative client transition and incorporates an appropriate amount of compensation to Convergent for clients electing to continue to be serviced by Dunn (Merrill Lynch) and Van Dusen (LVW Advisors, a new Registered Investment Advisor).

Steve Lockshin, CEO of Convergent, stated, “George and Lori are outstanding Advisors with well-earned reputations for being thought leaders in the industry and we will miss their intellect and insight. We wish them and their teams the very best in their future endeavors. The culture of our teams and our approach to servicing clients simply did not benefit the collective enterprise.”
 

About Convergent Wealth Advisors
Convergent Wealth Advisors is a recognized industry leader in wealth management, advising on approximately $14 billion in assets (as of June 30, 2011). Convergent provides investment consulting services and customized wealth management solutions, including advice on concentrated stock strategies, alternative investments, collateralized lending, specialty financings, and insurance and estate planning, to ultra-high net worth individuals, institutions, and family offices.  Convergent is headquartered outside of Washington, D.C., with offices in Los Angeles, New York, and Portland (OR). Convergent is a majority owned subsidiary of Convergent Capital Management, which is a subsidiary of City National Corporation (NYSE:CYN), the parent company of City National Bank.

Non-deposit investment products are not FDIC insured, are not deposits or other obligations of Convergent Wealth Advisors, are not guaranteed by Convergent Wealth Advisors and involve investment risks, including the possible loss of principal.

¹The Barron’s ranking, which includes both registered investment advisors and advisors at boutique brokerages, is based upon each advisor’s assets under management, revenues the advisor generates for their firm and the quality of their practices.