GCC Family Wealth Management, a subsidiary of US merchant banking firm GCC, is to implement the managed account platform of Adhesion Wealth Advisor Solutions as part of its national expansion plans.

GCC FWM sees a shift among high net worth families towards independent, fee-only advisory firms, and by utilising Adhesion’s WealthADV platform GCC FWM aims to take advantage of what it calls the "deteriorating wire-house broker channel.”

GCC FWM intends to begin its expansion by establishing offices in Washington DC; Nashville, Tennessee; Los Angeles and San Diego, California; and Huston, Texas.

Scott Freund, president of GCC FWM, said: “Adhesion’s WealthADV platform complements our firm’s plans for expansion because it provides a complete, outsourced operating platform that would scale with our growth, offer full breadth of reporting and investment management capabilities and provide our firm with innovative, differentiating investment products.”

Mr Freund added that the partnership would also allow GCC FWM to concentrate on client service while Adhesion handles the implementaton of its investment strategies.

Adhesion Wealth Advisor Solutions was established in 1999 and is headquartered in Charlotte, North Carolina. The firm’s WealthADV platform provides model-based managed accounts, overlay and tax-optimised portfolio management, client reporting and managed back office services.

Headquartered in Virginia, GCC FWM is a multi-family office which provides investment management, private banking, estate planning, insurance advisory and risk management services to high net worth individuals, families and foundations.  In December, the firm told WealthBriefing that it was looking to “take on as many high quality advisors as possible” to aid its growth.