Convergent Wealth Advisors has promoted its executive vice president David Zier to chief executive, replacing the founder and CEO of eighteen years Steve Lockshin.

The firm said Lockshin will retain his role as chairman, concentrating on working directly with new and existing clients, estate planning and “trying to effect change in the industry.”

As CEO, Zier will focus primarily on sales and client service, as well as employee communication and development. Meanwhile, Douglas Wolford, president, will continue to manage the day-to-day operations of the firm. Together, Zier and Wolford will “coordinate strategic and tactical planning,” the firm said.

Convergent has $10 billion in assets under advisement, as at 31 March. It has offices in Washington, DC, Los Angeles, New York and Portland, OR, and is a majority-owned subsidiary of New York-listed Convergent Capital Management, a subsidiary of City National Corporation, the parent company of City National Bank.