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VOL. 129 | NO. 23 | Tuesday, February 04, 2014

Legacy Wealth Management Grows Staff, Relocates

By Andy Meek

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Legacy Wealth Management is starting 2014 with a handful of new faces and a move to a new office soon.

Brent Westbrook, Stephen Russell, Jeffrey Barnes

New additions to the ranks at Legacy include Brent Westbrook, who’s joined the firm as managing director of business development and client service. He came to Legacy from Argent Financial Group and will be working to introduce Legacy’s services to individuals, families and business-sponsored retirement plans.

Stephen Russell also has joined Legacy as a financial planner. He came to Legacy from his own firm – Russell Law Firm PLLC – and is responsible for delivering financial plans to new and existing clients while also helping with portfolio management needs and helping with client needs related to estate planning.

Jeffrey Barnes has joined the Legacy team as director of retirement plan services. Before joining Legacy, Barnes was founder and president of Barnes Retirement Plan Specialists Inc.

The Memphis-based firm employs 23 wealth management professionals and manages more than $1 billion in assets. Legacy, which has been in business for more than 30 years, provides portfolio management and financial planning services to more than 750 clients.

“The culture here is client service – clients come first,” said Westbrook, in describing his reasons for the move. “That’s in the DNA of this firm. For me, that’s important. Coming over and meeting Jeff, it was the same reason he did. We both want to see our clients serviced well and not have to worry about other things that distract from that. This is a well-established, client-centered firm poised to grow even more, and that’s exciting.”

Barnes said his arrival at Legacy came as a result of an inflection point he reached in his previous venture.

“I had decided in 2008 that I would incorporate a business that would be so specialized that it would only cater to and advise companies that sponsor 401(k) plans,” Barnes said. “I had this idea of bringing a boutique firm and great deal of client service to the market here in Memphis, set out to grow, and I did. I got to a point really at the end of last year where I realized that I had to do something different and was either going to have to go out and find capital, either private or through a bank, and go out and try to hire more staff.

“(With Legacy) I saw a way for me to move my practice in and elevate it. This company is full of very smart people who already know how to provide financial services to individuals. It’s not hard at all to have that fall right into the same approach to companies that sponsor retirement plans.”

Another aspect of what’s new at Legacy, meanwhile, is the new office space it’s preparing to move into.

Legacy is taking space in the Renaissance Center, 1715 Aaron Brenner Drive, relocating from its current office at Atrium I. Wyatt Aiken and Neely Mallory of Cushman & Wakefield/Commercial Advisors represented Legacy in the relocation transaction, announced last year, and Ron Kastner of CB Richard Ellis Memphis represented the landlord.

At the time it was announced, Legacy President and CEO Jim Isaacs said the new location would provide the double benefit of new space for his growing firm as well as replacing the firm’s current divided space.

The goal, he said, was to lease offices where everyone shares a common suite.

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