08 Aug Featured in the LA Business Journal: 8/5/19
BRIDGE ADVISORY ADDS EQUITY PARTNERS, INTRODUCES NEW BRAND AND PARTNERSHIP
Penniall & Associates, an investment advisor with $400 million under management, added two new owners and changed its name to Bridge Advisory.
Vanessa Burnett, 36, and Alex Leu, 37, took equity stakes in the firm, alongside Dave Penniall, who founded the firm in 1997. The name change reflects the new ownership and the firm’s renewed commitment to helping investors plan prosperous retirements.
To bolster its services, Bridge has forged a partnership with The Accountancy, a company that has been providing accounting services in the Los Angeles area for more than 60 years. Together, Bridge and The Accountancy will provide clients with tax planning and tax preparation that compliments their investment plans.
“Vanessa and Alex are the very best in the next generation of wealth managers,” Dave Penniall said. “The three of us believe strongly that investment planning must be integrated with tax planning to give clients everything they need to reach their retirement goals.”
Penniall, a former professional baseball player, became an investment advisor after seeing fellow players make poor decisions with their money. He started Penniall with the belief that clients should pay an asset fee for investment advice. At the time, investors were often victim to endless commissions on trades and sales charges on mutual funds.
Bridge, a registered investment advisor, retains that fee-based model, dropping the percentage it charges as clients accumulate wealth.
“When I joined Dave’s firm 12 years ago, I knew that I had found my calling,” Burnett said. “Every hard-working American deserves a secure retirement, but with pensions getting smaller or disappearing, getting one takes planning and preparation. Helping with that work is what motivates me, and seeing people succeed is my greatest reward.”
“Dave saw the future clearly when he started Penniall 22 years ago,” Leu said. “That’s why the firm has prospered. We intend to keep the momentum he’s gathered by leveraging technology and adding new services through our partnership with the Accountancy. Dave, Vanessa and I are eager to prove that the best is yet to come for our clients.”
Bridge Advisory can be found at www.bridgeadvisory.com.