RhineVest Announces Merger with TruWealth Planning
August 1, 2017 – RhineVest Advisors, a subsidiary of Truepoint Wealth Counsel, recently acquired TruWealth Planning, a Cincinnati-based fee-only financial planning firm. TruWealth founders Andrew Damcevski, CFPⓇ and Devon Klumb, BFA™ will be joining the RhineVest team as lead advisors and co-owners in the firm.
Recognizing a void in the availability of high-quality advice and planning, exclusive of products and commissions, Damcevski and Klumb founded TruWealth Planning and became prominent members of XY Planning Network, the leading organization of fee-only financial advisors focused on serving Gen X and Gen Y clients.
The decision to merge RhineVest and TruWealth Planning was driven by the firms’ shared values and common purpose. Like RhineVest, TruWealth was established specifically to provide fee-only, fiduciary guidance without the limitation of a minimum client asset level. The wealth management industry’s overwhelming focus on clientele with assets in excess of $1 million leaves many investors underserved and overcharged. RhineVest and TruWealth were both launched to bring independent, objective advice and transparent, low-cost investing to everyone who needs it.
“Simply put, Truepoint’s continuing investment in RhineVest is inspired by our desire to help more people,” said Steve Condon, President of Truepoint Wealth Counsel. “We’re not interested in this representing a simple extension within Truepoint; RhineVest operates independently with one clear focus – being the best-in-class solution for clients overlooked by most of the industry. Adding the passion and expertise of Andrew and Devon further strengthens RhineVest’s ability to deliver on that mission.”
RhineVest leverages powerful but user-friendly technology, but recognizes that even the best technology can’t account for the nuances of each investor’s situation. People like to ask questions and have conversations – with real people. RhineVest combines the best of both worlds: industry-leading technology and experienced financial planners who are focused on building long-term client relationships.
RhineVest, a subsidiary of Truepoint Wealth Counsel, is a fee-only advisory firm committed to making transparent and intelligent financial management more accessible. In combining an easy-to-use digital platform with personal access to qualified advisors, RhineVest is built to bring the value of the fiduciary model to everyone who needs it.
About Truepoint Wealth Counsel
Truepoint Wealth Counsel offers wealth management services that seek to deliver clarity and confidence to our clients’ lives. As part of our fiduciary responsibility, we always place clients first in helping them achieve financial wellness. Our in-house teams dedicated to the financial disciplines of investment management, financial planning, tax management, estate planning and risk management work together to deliver unbiased advice and customized service. Founded by Michael J. Chasnoff in 1990 as one of the first fee-only wealth management firms in the greater Cincinnati area, Truepoint is 100% employee-owned. As of June 30, 2017, the firm has $2.6 billion under management.
About Truepoint Wealth Counsel
Since our founding in 1990, the focus of Truepoint Wealth Counsel has been creating the best personal financial advisory experience possible. We are fee-only fiduciaries and remain 100% employee-owned. We employ an evidence-based investment strategy. Tax planning and preparation and estate planning are core elements of our client experience and have been for years. And all our guidance is rooted in our clients’ personal values and goals as we connect all the dots to deliver peace of mind and possibility. As of December 31, 2020, the firm has $3.9 billion under management.