Homrich Berg, an Atlanta-based RIA integrator with $18 billion in belongings, has added a staff of advisors in Tampa, Fla., managing over $4 billion in consumer belongings. This follows information final month that the RIA would promote a minority stake within the agency to TPG, a San Francisco-headquartered non-public fairness agency, at a $1 billion valuation.
“One of many the reason why they invested in it’s as a result of we’ve efficiently been capable of do issues like this previously and combine acquisitions and advisor lift-outs into our agency in an built-in manner,” Homrich Berg CEO Thomas Carroll stated.
The addition offers Homrich Berg its second Florida workplace, following the addition of a $1.5 billion advisor staff in Palm Seaside, Fla., in 2021.
The staff of 11 wealth administration professionals is led by Larry Parkin, who’s getting back from a two-year retirement. Previous to that, Parkin was a managing director main West Florida for Truist Non-public Wealth Administration. Parkin joins HB Household Workplace as a principal and Florida Market chief. He’ll head the brand new Tampa workplace and be liable for recruiting new expertise within the Southeast.
“I got here out of retirement as a result of I used to be excited to tackle a management function for a number one unbiased wealth administration agency with a fiduciary, fee-only method to placing households and their monetary objectives on the forefront of their work,” Parkin stated in a press release.
He’s joined by principals Lex Smith, Ryan Finest, Keith Johnson, Brad Glover and John Willoughby. Steve Cass will function a managing director, whereas Drew LaGrande has been appointed a managing director and household wealth strategist. Crew members Benjamin DePalmo, Melissa Baron, Marjorie Sjostrom and Casey Jackman have additionally made the transfer.
“We proceed to put money into capabilities and other people that may entice extra family-office-level purchasers, ultra-high-net-worth purchasers,” Carroll stated. “And this group has had a observe report of success working with some very rich households.”
That is additionally the primary main wealth administration staff to hitch Homrich Berg since Carroll took over as CEO earlier this 12 months. Founder Andy Berg stepped down as CEO after rising the advisory agency to $14 billion in belongings over almost three and a half many years.
Berg co-founded Homrich Berg in 1989 together with David Homrich—and a $100,000 mortgage from his father. Each with tax backgrounds, the duo managed lower than $10 million for purchasers within the early years. By the point House Depot co-founder Arthur Clean, a consumer of theirs, persuaded Homrich to depart to assist him construct a household workplace in 2001, the pair had grown the agency to just about $500 million in belongings below administration.
As we speak, the agency has established itself as a regional integrator, overseeing greater than $18 billion in belongings for greater than 3,600 households nationwide.
Since turning into CEO, Carroll has constructed out the chief management staff, including Michael A. Woocher as chief advisory officer and Andrew Web page as head of company growth, each newly created positions. Final month, the agency employed Joanna Irwin as chief advertising and marketing officer. She changed Invoice Bolen, who returned to specializing in consumer service.
“A part of what I’ve been making an attempt to do is absolutely institutionalize the enterprise—transfer it from a beautiful observe to extra of an enterprise,” Carroll stated. “As we’ve grown and as we’ve scaled—with $18 billion in belongings now—we’d like useful leaders.”
