Arete Wealth, a Chicago-based dealer/supplier and funding advisory agency, has added Crux Wealth Advisors, a brand new RIA launched by advisor Travis Alexander, to its community of branches. Alexander’s agency will use Arete’s proprietary tech stack, Outsource Options, and its registered reps will affiliate with the agency’s dealer/supplier. They may also have entry to Arete’s various funding and insurance coverage providers.
Earlier this month, Lengthy Seaside, Calif.-based Alexander introduced his departure from Raymond James Monetary Providers and the creation of Crux, beginning with $1 billion in consumer property. He beforehand ran one of many high 10 branches inside Raymond James’ unbiased contractor unit based mostly on trailing 12-month income. He grew that agency from about $70 million in AUM in 2016 to $3 billion when he left on Aug. 2. He’s bringing over consumer property in a number of phases.
He is signed a multi-year settlement to make use of Arete Outsource Options, the agency’s built-in tech stack and back-office service mannequin, each of which attracted Alexander.
“The agency additionally delivers distinctive entry to various investments, enterprise capital, and personal fairness packages along with conventional monetary providers, so we’re delighted to convey these options to Crux Wealth Advisors,” he mentioned in a press release.
Arete Wealth was based in 2007. The agency has about 230 wealth advisors in greater than 50 workplaces across the nation.
This follows information in Could that Portsmouth Monetary Providers, a San Francisco-based dealer/supplier with greater than $800 million in consumer property, joined Arete. The “tuck-in” by way of asset buy caused 40 advisors below Arete’s auspices. As a part of the deal, Portsmouth ceased its operations as an unbiased dealer/supplier and can function as an Arete department workplace.
