Last month, California fintech company Rich Uncles announced the launch of its wealth management division. According to the company, new managing director of capital markets, Brad Watt, will be leading the recently-developed division.
Rich Uncles revealed that Watt has decades of experience in providing real estate investment advice to high net worth and institutional investors. He notably had held executive leadership positions with the country’s largest non-listed REIT companies, and he has also been instrumental in structuring and distributing several public and private alternative investment offerings. Watt will be responsible for developing the company’s wealth management business that will include Registered Investment Advisors (RIAs), asset managers, family offices, and other domestic and foreign qualified purchasers. Rich Uncles CEO, Harold Hofer stated:
“We are pleased to welcome Brad to the Rich Uncles family where he will play an integral role in expanding our investment channels. We are passionate about providing all investors with broader access to quality real estate investment programs, and Brad shares this passion.”
Rich Uncles has reportedly completed the fundraising for two prior investment programs and is currently offering $1 billion of common shares for a publicly registered non-listed REIT (Rich Uncles NNN REIT). Proceeds from the NNN REIT will be used to acquire and manage a diversified portfolio of high quality, single tenant properties located in strategic markets. Watts added:
“This affiliation fulfills the long-term goal of aligning with a fiduciary model in providing simple and low-cost real estate solutions directly to investors, as well as fee-based advisors and asset managers. I am pleased to join this team of high caliber real estate and technology professionals, and I look forward to helping the company diversify its client segments and advisory channels.”