Destination Wealth Management (Walnut Creek)

Name: Destination Wealth Management
Address: 1255 Treat Boulevard, Walnut Creek, CA, 94597
Telephone: 925-935-2900

Destination Wealth Management is a large advisory firm based in Walnut Creek. It manages $2.25 billion of regulatory assets for 4,473 client accounts. It has been registered with the SEC as an adviser since 2012 and has operated in the jurisdictions of Arizona, California, Colorado, and 19 other states.

Destination Wealth Management provides financial planning services, portfolio management for individuals and small businesses, and pension consulting services. It prepares financial plans for more than 100 clients. On top of advisory services, the firm doesn't engage in other business activities.

Destination Wealth Management: assets under management

The assets under management (AUM) of Destination Wealth Management is $2.25 billion, all of which is managed in discretionary accounts. The firm's AUM has grown by 112% since the beginning of its operation, and $11.34 million of the total AUM is attributable to clients outside of the United States.

The firm manages $2.25 billion in discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $502.84 thousand each.

Investments

The firm invests in investment and business development companies the most. They account for 68% of the total AUM. The second-largest asset type is exchange traded securities, which make up 29% of the firm’s portfolio. Investments in cash and cash equivalents form 3% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Destination Wealth Management for their services and products based on a percentage of assets under management, hourly charges, and fixed fees. Compensation based on assets under management promotes a long-term relationship between a client and the adviser and helps align mutual interests. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients George Kung Wai Chin serves?

The firm provides services to individuals, charitable organizations, high net worth individuals, corporations or other businesses, and pension and profit sharing plans. The largest group of clients of George Kung Wai Chin is high net worth individuals with 801 clients and $1.7 billion of assets under management. Among the 9 most similar advisory firms, Destination Wealth Management has the highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $2.25 billion for 1,693 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. 1% of the firm’s clients are foreign persons or businesses.

Destination Wealth Management doesn't advise any private funds.

Careers at Destination Wealth Management

The company employs 52 people that are either part- or full-time employees. 60 percent of the employees work as investment advisers or researchers. 31 employees are registered as investment adviser representatives with the state securities authorities.

There’s a single person with the role of looking for and bringing in new clients on behalf of the firm. The firm compensates employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.

George Kung Wai Chin has been acting as President since 1 Jan 2013. Jessica S Lambruschini Coy joined the executive team most recently as the Chief Compliance Officer, Hr Manager.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Michael Allen Yoshikami	Ceo	1 Jul 1996	75% - 100%	1929209
George Kung Wai Chin	Executive vice president	1 Jan 2002	Other	1113592
Alexis Brinck Stice	Chief compliance officer	1 Jun 2008	Other	2859882
George Kung Wai Chin	President	1 Jan 2013	Other	1113592
Jessica S Lambruschini Coy	Chief compliance officer, hr manager	1 Oct 2015	Other	4893456

Based in Walnut Creek

The principal office where Destination Wealth Management performs its advisory services is located at 1255 Treat Boulevard, Walnut Creek, CA 94597, which is also the mailing address of the firm. An additional office of the firm is in Folsom, CA. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 925-935-2900 or by fax 925-935-1808. The normal business hours are 8:00a.m. to 5:00p.m. on Monday - Friday. You can find more information about the New York firm at destinationwm.com.