Episode 24
In the latest episode of Growth Leaders of Wealth Management, we sit down with Coldstream Wealth Management, a Washington-based firm that went from $4.4 billion to over $14.3 billion in five years through eight acquisitions, all without a single dollar of outside capital. CEO Kevin Fitzwilson, President of M&A Josh Harris, and Chief Growth Officer David Christian explain what it takes to build an acquisition engine without private equity, investment bankers, or fund timelines, and why the structure they've chosen attracts a very specific kind of founder.
Key Takeaways:
- How does Coldstream finance acquisitions without private equity? A regional bank relationship maintained for more than 15 years provides lending with no personal guarantees. CEO Kevin Fitzwilson built the firm's deal capabilities during an earlier decade inside a publicly traded holding company, giving the team the intellectual capital to represent themselves in every transaction.
- Why does Coldstream avoid investment bankers in M&A? Direct engagement with potential partners, without intermediaries managing the tone, reveals how people handle pressure and disagreement. That signal is more valuable than anything a data room can provide, and it becomes the foundation for partnerships that hold after the paperwork is signed.
- What makes Coldstream's ownership model a growth filter? With 170 of approximately 250 employees as shareholders and a C-corp structure that sets the buy-in threshold at $1,000, the model attracts a specific kind of founder: one thinking about what happens to their junior team members 5-10 years out, not the one optimizing for the highest bid.
Meet Coldstream Wealth Management
There’s one thing that made this conversation different from every other M&A episode we've done. Two of the three guests, Josh Harris and David Christian, are founders whose firms Coldstream acquired. Josh built Pericle Advisors over 17 years, and David co-founded Cable Hill Partners. Kevin found them, brought them in, and handed them real ownership of where the firm goes next.
Kevin led a management buyout in 2011 to take Coldstream independent, and then spent the next decade building a place where 170 of 250 employees own shares, the buy-in starts at $1,000, and the people who join have a real seat at the table. Five years ago, the firm managed $4.4 billion. Today, that number has grown to $14.3 billion across more than 3,500 households.
Inside the Pressure Cooker
Kevin learned deal-making from the inside, spending years in a publicly traded holding company where he watched how transactions got structured and what smart buyers walked away from. Most acquirers in this industry use PE capital, investment bankers, or both. Coldstream uses neither.
To fund acquisitions, Coldstream works with a regional bank they've been with for more than 15 years, with the same relationship manager the entire time. Josh was direct about what that means in practice: When it's your own money, the deal simply cannot fail.
He compared it to starting his own firm in 2004 with a newborn and a wife who wasn't working. That pressure makes you do better research, read people more carefully, and walk away when the fit is wrong. They've walked away from a deal even after both sides had committed on paper, because the process of getting to know each other revealed it wasn't the right fit.
Everyone Aimed at the Same Target
During COVID, Coldstream ran an ideal client exercise across ten teams in the Pacific Northwest, with multiple acquired firms already under one roof. Josh called the result a "bullseye": a shared definition of who they serve that gives every team the same center of gravity while each still specializes. One team works with dental practices in Portland. Another serves tech executives in Seattle. The thread connecting all of them is a focus on busy, high-achieving families with complex financial lives.
David built the growth accountability around that clarity. He works with each wealth manager to find their personal reason for wanting to grow, then leans on champions within each team to carry it forward. That’s why about half of new clients come from existing clients (who are so well served that introductions happen naturally), a quarter from centers of influence, and the rest from advisors out in the community building relationships through causes they care about.
Josh shares a quote from an executive coach that stuck: “If you believe what you do matters, how could you not go out and talk about it?”
The Filter Nobody Talks About
The most revealing question in this conversation: who actually shows up when there's no PE behind the offer?
Coldstream's employee-owned structure works as a filter. The founders who find their way here care about what happens to their people after they're gone, and they want their junior team members to land somewhere better. The ones focused only on price don't make it far.
Kevin said the real return on M&A is getting people you could never hire. Nobody at this table was looking for a job. They found each other through real relationships built over years, and decided that what they could build together was worth more than what any of them had alone.
What Comes Next for Coldstream?
Coldstream just finished its first 10-year strategic plan with $40 billion in assets, $320 million in revenue, and a 25%+ profit margin.
But when we asked what success looks like, he didn't go to the spreadsheet. He talked about leaving the firm in better shape for the people who come next. Josh put it simply: If people are the first priority, everything else follows.
The right people find you when your story is clear. Ficomm Partners helps RIAs articulate who they are, who they serve, and why it matters, so your growth comes from true alignment. Book a consultation to start telling your story.
Connect with us:
- Megan Carpenter on LinkedIn
- Ficomm Partners Website
- Kevin Fitzwilson on LinkedIn
- Josh Harris on LinkedIn
- David Christian on LinkedIn
- Coldstream Website
About Ficomm Partners
Founded in 2012, Ficomm Partners delivers strategic marketing and PR solutions for financial advisory teams across all channels. Through strategic consulting, execution services, and advisor coaching, Ficomm empowers firms to achieve measurable growth objectives aligned with business goals. The firm helps advisory businesses articulate their authentic value, connect meaningfully with ideal clients, and diversify lead sources. Combining industry expertise with human-centered strategies, Ficomm guides teams to increased net new assets, deeper client engagement, and sustainable business scaling. For more information, visit ficommpartners.com.