Westminster Financial Companies traces its origins to 1967 when Lawrence D. Brazie opened an office as a proprietary general agent for a top-notch fraternal life insurance company. L. Miles Brazie, his son and current CEO of Westminster, joined the firm in 1977 to assist in the growth of the business, which had expanded to over 22 financial consultants.
In 1984, the firm decided to expand its business offerings and consulting capabilities to better service its representatives and their clients and thus discontinued the proprietary, captive relationship it had held with the insurance institution for 17 years. Becoming an independent firm allowed greater access to the multitude of products and services available in the industry.
As the firm realized the greater success and flexibility that independence brought, it decided in 1987 to form its own independent broker/dealer. In October 1987 Westminster Financial Securities was granted its license by the Financial Industry Regulatory Authority (FINRA). This allowed the firm the freedom to create its own products, and choose its own vendors based on the best products and services available to serve the representatives and their clients.
In that same year, Westminster Financial Advisory was formed. This unit was designed to operate as an SEC registered investment advisor providing fee-based asset management services to financial consultants and their clients as well as fee-based financial consulting.
Westminster Financial Agencies, the insurance arm within Westminster Financial Companies, was incorporated in 1990. This fully-licensed insurance agency was created to provide life, health, disability, and long term care insurance products as well as annuities and pension plans to our advisors and their clients.
In 1994, Westminster began its direct relationship with Pershing (A BNY Mellon Company). Pershing is the world’s largest clearing firm and is on the cutting edge of industry technology. Westminster now ranks in the top five percent of Pershing’s nearly 1200 correspondent clients.
The three separate companies were formally merged under the Westminster Financial Companies umbrella in 1997 at which time L. Miles Brazie was named the Chief Executive Officer and a Board of Directors was created to provide leadership and determine the strategic direction for the combined companies.