Gabe Hernandez | SABJ
Todd Brockwell, president, 1900 Wealth
Jefferson Bank’s wealth management subsidiary, 1900 Wealth, has opened a new 1,000-square-foot office in downtown Austin at 812 San Antonio St., Suite L12.
The new office will allow San Antonio-based 1900 Wealth to serve clients in the greater Austin and Central Texas markets, the firm reports. This will be its first physical venture into those markets, though 1900 Wealth President Todd Brockwell said in an interview that the firm currently has clients in and around the surrounding area in towns such as New Braunfels, Dripping Springs and San Marcos.
“As the Austin area continues its phenomenal growth, we believe more and more high-net-worth individuals are needing sound investment and wealth management guidance,” said 1900 Wealth President Todd Brockwell in a news release. “With the growth along the Austin-San Antonio corridor, we have more and more in common with Austin. This is a natural move to make.”
The new office will be led by Brockwell, Senior Vice President Matt Richter and an investment advisor who has yet to be selected.
1900 Wealth has been looking to set up in Austin for the past three years, according to Brockwell. He added that discussions have occurred around potential offices in Austin’s Westlake area, Kerrville, Fredericksburg and Corpus Christi, though the firm has not taken any official steps toward actually opening a new location there. Brockwell added that the firm is taking a methodical approach to physical expansion within the region.
“We have one chance to enter the market and do it right. That’s why it’s taken three years for me to pull the trigger on this with my leadership. And I want to be careful. I want to be methodical. I’d rather be slow to enter than be in a situation where we’re doing damage control,” he said.
The firm currently operates two offices both in San Antonio and Boerne with the latter having been furnished as of the end of May, though a search is still on for who will run the location.
The move follows a broader expansion by Jefferson Bank into the Austin market as well. The Austin Business Journal reported in March that it opened a 5,000-square-foot office at the historic Norwood Tower at 114 W. Seventh St.
Brockwell said the reason why 1900 Wealth won’t be joining Jefferson at Norwood is because he wanted to ensure that the firm had an office that was a good fit, especially in terms of office space and conference rooms.
Jefferson Bank reported $2.8 billion in assets in 2022, $1.2 billion in assets under management at 1900 Wealth and $1.3 billion in assets under management for its trust division. It has 14 financial centers across San Antonio, Boerne, New Braunfels and Austin.
Founded in 2015, 1900 Wealth, formerly Monticello Wealth Management, is wholly owned by Jefferson Bank and provides investment management for families and high-net-worth clients. It does this by offering portfolio management, tax strategy, balance sheet management and its 1900 Direct Series LLC alternative investment platform.
The firm declined to share details around revenue estimates or financial details of settling into the new office.
Elizabeth Uhl Kleberg and Luke Barney of Endeavor Real Estate Group represented the landlord in lease negotiations.
