Homrich Berg, an Atlanta-based RIA integrator with $18 billion in belongings, has added a crew of advisors in Tampa, Fla., managing over $4 billion in shopper belongings. 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 capable of do issues like this prior to now and combine acquisitions and advisor lift-outs into our agency in an built-in manner,” Homrich Berg CEO Thomas Carroll mentioned.
The addition provides 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 getting back from a two-year retirement. Previous to that, Parkin was a managing director main West Florida for Truist Personal Wealth Administration. Parkin joins HB Household Workplace as a principal and Florida Market chief. He’ll head the brand new Tampa workplace and be answerable 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 position 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 mentioned in an announcement.
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. Staff members Benjamin DePalmo, Melissa Baron, Marjorie Sjostrom and Casey Jackman have additionally made the transfer.
“We proceed to spend money on capabilities and other people that may appeal to extra family-office-level shoppers, ultra-high-net-worth shoppers,” Carroll mentioned. “And this group has had a observe document 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 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 shoppers within the early years. By the point Residence Depot co-founder Arthur Clean, a shopper 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.
At the moment, 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 manager management crew, 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 officer. She changed Invoice Bolen, who returned to specializing in shopper service.
“A part of what I’ve been making an attempt to do is basically institutionalize the enterprise—transfer it from a beautiful follow to extra of an enterprise,” Carroll mentioned. “As we’ve grown and as we’ve scaled—with $18 billion in belongings now—we want practical leaders.”