RISR-Citadel partnership boosts support for business owner advisors

RISR, a platform focused on supporting financial advisors working with business owners, has announced a new partnership with Citadel Wealth Management. The collaboration aims to provide Citadel’s advisors with enhanced tools to offer personalized advice, particularly for business owners, and to give them a clearer view of their financial outlooks.

Citadel Wealth Management, a division of Citadel Credit Union, has long served the Greater Philadelphia area through a member-owned, not-for-profit model. With over 260,000 members, the credit union has built a reputation for strengthening businesses and individuals.

RISR's partnership with Citadel Wealth Management follows similar agreements with other firms, including Journey Strategic Wealth in July and, more recently, Great Valley Advisor Group in September.

Launched earlier this year, the RISR platform is expected to help Citadel’s advisors engage more effectively with business clients, especially around key areas like succession planning, growth strategies, and risk management.

“Delivering top-tier services in order for advisors to thrive is key to our mission,” Sheri Perkins, senior vice president of wealth management at Citadel, said in a statement Monday. “Integrating RISR’s platform allows us to access valuable insights that enable our advisors to engage in more meaningful conversations around topics such as growth, exit planning and risk management."

The partnership comes as financial institutions across the US prepare for what has been described as the largest wealth transfer in history. By using RISR’s tools, Citadel’s advisors will be equipped to guide business owners through this transition, offering real-time insights into areas such as business valuation and financial health.

To support the growing demand for its services, RISR also announced new leadership hires, including Brandon Tolle as chief technology officer and Dan Wilson as head of sales. “We are focused on empowering the business owner’s most trusted advisor, and these new hires will help advance this goal,” said Jason Early, founder and CEO of RISR.

RISR's latest partnership announcement coincides with a new survey from First Citizens Wealth, the wealth arm of First Citizens Bank, which found just around one in two affluent business owners (52 percent) know exactly how much their business is worth, while 44 percent admitted they're not confident.

Drawing from a broader study of affluent individuals with more than $500,000 in investable assets, the survey also points to a brewing exit crisis among a significant proportion of business owners, with a third of those surveyed saying they feel very prepared to exit.

Affluent business owners are substantially more likely to have a professional financial advisor than other well-heeled Americans (85 percent vs. 68 percent). However, just three in five (62 percent) affluent business owners say they've done a formal valuation of their business, most frequently with the help of a professional advisor (76 percent).

"It seems contradictory that affluent business owners are more likely to have professional financial advisors and plans, yet most still are not very prepared to exit their business," said Michael Wilson, executive vice president and lead executive for First Citizens Wealth.