Homrich Berg, an Atlanta-based RIA integrator with $18 billion in property, has added a crew of advisors in Tampa, Fla., managing over $4 billion in consumer property. This follows information final month that the RIA would promote a minority stake within the agency to TPG, a San Francisco-headquartered personal 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 in a position to do issues like this up to now and combine acquisitions and advisor lift-outs into our agency in an built-in approach,” Homrich Berg CEO Thomas Carroll stated.
The addition offers Homrich Berg its second Florida workplace, following the addition of a $1.5 billion advisor crew in Palm Seaside, Fla., in 2021.
The crew of 11 wealth administration professionals is led by Larry Parkin, who’s coming 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 chargeable 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 targets on the forefront of their work,” Parkin stated in an announcement.
He’s joined by principals Lex Smith, Ryan Greatest, 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 spend money on capabilities and folks that may entice extra family-office-level purchasers, ultra-high-net-worth purchasers,” Carroll stated. “And this group has had a observe file of success working with some very rich households.”
That is additionally the primary main wealth administration crew to hitch Homrich Berg since Carroll took over as CEO earlier this yr. Founder Andy Berg stepped down as CEO after rising the advisory agency to $14 billion in property over practically three and a half a long time.
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 Dwelling Depot co-founder Arthur Clean, a consumer of theirs, persuaded Homrich to go away to assist him construct a household workplace in 2001, the pair had grown the agency to just about $500 million in property below administration.
Right this moment, the agency has established itself as a regional integrator, overseeing greater than $18 billion in property for greater than 3,600 households nationwide.
Since turning into CEO, Carroll has constructed out the manager management crew, including Michael A. Woocher as chief advisory officer and Andrew Web page as head of company improvement, 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 attempting to do is de facto institutionalize the enterprise—transfer it from an exquisite follow to extra of an enterprise,” Carroll stated. “As we’ve grown and as we’ve scaled—with $18 billion in property now—we’d like practical leaders.”
