Caitlin Douglas, a brand new founding associate and chief working officer for funding agency Elevation Level, is aware of the business’s subsequent few years will likely be outlined by advisors requiring “totally different flavors of independence.” She’s assured her agency has discovered a taste that’ll be notably interesting.
“You may have (on one aspect) your platforms that are service suppliers, after which on the opposite aspect, you might have your aggregators, which wish to you to present over full management,” she stated. “Within the center is the place you might have Elevation Level. We don’t need you to surrender full management.”
Douglas joined Elevation Level in September from her earlier job as managing director of transition companies and co-head of service at Dynasty Monetary Companions, the place she stayed for six years.
Earlier than that, she was director of shopper companies on the Columbia, Md.-based RIA Keeney Monetary Group (which was purchased by Beacon Pointe). At Elevation Level, she’ll lead the agency’s operations and repair organizations.
Sanctuary Wealth founder and former CEO Jim Dickson launched Elevation Level in June with co-founder Mark Penske, the founder and chairman of monetary companies holding firm United Atlantic Capital.
The agency will take minority stakes in RIAs with belongings starting from $200 million to $3 billion and contribute assets to assist them develop. On the agency’s launch, Elevation Level acquired the $3.4 billion RIA Mount Yale Capital Group, which might set up middle- and back-office enterprise features for incoming advisors.
Along with Douglas, Elevation Level introduced on former UBS executives Bradford Smithy and Robert B. Tamarkin as founding companions, former Summit govt Jenna Bloombgarden as head of promoting and advisor expertise, and former BNY Pershing govt Brian Terraciano as head of operations.
Douglas stated the agency will add somebody in-house to supply high-end property and tax planning companies for corporations early subsequent yr; the agency intends to onboard no less than one to 2 groups per thirty days over the approaching yr.
Based on Douglas, corporations in search of independence have much more selections than they did 10 years in the past. She recalled her time at Keeney Monetary, when the LPL-affiliated agency began exploring alternatives to go impartial. She remembered it took her and the agency’s president years to do their full due diligence and perceive the indie panorama.
“However what it actually got here right down to is that you just owned your individual RIA, and that’s it. If you happen to wished to enter a company ADV, it was often such as you had been going onto a company ADV at LPL or one thing like that, not the selection that you’ve now the place you could be with Elevation Level,” she stated. “I imply, the choices have simply exponentially grown.”
Know-how is accelerating the tempo of change. Based on Douglas, solely 5 years in the past, paper transitions of purchasers’ accounts to new companies had been the norm. Now, corporations are digitally onboarding purchasers, decreasing transitions that would have lasted months or weeks to ever-shorter time spans, relying on the custodian.
“As a substitute of it taking weeks for complicated accounts and entities to be arrange, it’s extra such as you’re days … if not a day,” she stated. “And we’re already beginning to see that in some respects.”
