Washington Wealth Management, a recently-launched wealth management firm, plans to grow its business by hiring branch managers while large broker-dealers are firing them, according to an interview in Reuters.

"We think we've found a niche for growth," Tony Sirianni, who founded Washington last December and is also a former branch complex manager for Morgan Stanley, told the news service. "The wirehouses and regional firms have devalued their managers and what had for a long time been the traditional way firms did business."

During its combination with Citigroup’s Smith Barney, Morgan Stanley has shed “dozens” of branches and jobs, due to business overlaps, the report says. Washington Wealth wants to capitalize on this and build a national presence for itself.

The Middleburg, Virginia-headquartered RIA recently appointed John Simmons as president. Based in California, Simmons will also establish a West Coast unit for the firm and is charged with leading its efforts to rapidly expand its independent network of financial advisors. Simmons is a former managing director at Morgan Stanley Smith Barney, as well as a regional director overseeing Southern California, Las Vegas and Hawaii.

Washington was established last December to create a branch network of independent financial advisors, and now has three offices. It runs an Advisor Transition Program for advisors wanting to go independent and is working on opening several more branches, according to Ross Wilkinson, director of development. According to the firm, the program provides a team to help support advisors through the process, and helps cover some costs.