Is 'Green Acres' the place to be for RIAs seeking to expand?

Perhaps “Green Acres” really is the place to be.

Due to the lower cost of living, shift to remote work and a desire of next-gen clients to have someone with a respected name in their neighborhood, more high-net-worth-focused RIAs are opening offices in areas well beyond the traditional hubs of financial services. It’s a trend that’s been gaining steam across the South and Southeast due to population shifts in recent years, and financial advisors say it’s now expanding to cities and towns countrywide.

Jon Upham, president of SageView which boasts AUM of more than $235 billion as of the end of 2024, said his advisors have served institutions and families across North Carolina for many years. And now that there has been increased migration to the Carolinas, especially from the Northeast, the business opportunities have been increasing.  

“North Carolina has been recognized for having the fifth-best state growth rate. The state is positioned for continued growth as it supports several large industries, world-renowned research institutions and universities,” Upham said.

Last month, SageView announced it was naming Nichole Labott, managing director of retirement plan consulting, to lead the firm’s expansion in the Tarheel state.

“Our team serves many clients in the Carolinas and Virginia, in addition to other regions throughout the US. We find it professionally and personally rewarding to work with organizations and institutions in the communities where we live and work,” Labott said.

Elsewhere, Revo Financial, which is affiliated with Sowell Management and oversees over $120 million in AUM, had its birth in the small town of Bartlesville, Oklahoma. Revo CEO Jon Nettles said his company’s values align with small-town values and that’s been a boon for business. 

“Our family, friends, neighbors, grocers, small businesses that we frequent, fellow church members are the folks we serve and have mutual personal and business interactions with on a regular basis. They know us and we know them. This trust and values relationship is what drives the business of our firm,” Nettles said.

Added Nettles: “With our strategic partner Sowell Management, we can offer our ‘small town’ client ‘big city’ services.  Our clients can access some of the top financial resources and services in the nation due to having Revo Financial in their town.”

Moreover, NewEdge Advisors, a $65 billion AUM New Orleans-based RIA that has long pushed into less populated areas for growth opportunities, announced last month the addition of Cleartrek Wealth Partners to its platform, marking the firm’s first team in Nebraska.

Cleartrek Wealth Partners, led by founders Loy Olson, Matt Olson, Mike Todd, and Mitch Bergen, previously managed approximately $650 million in client assets at Stifel before launching their independent practice in Lincoln.

Alex Goss, chief executive of NewEdge Advisors, said, “Their addition to the NewEdge network expands our footprint into Nebraska, our thirty-ninth state, and it’s an honor to have such a respected, forward-thinking group representing us.”

Technology knows no boundaries

Maintaining a local presence has always been important to SageView, said Upham, because it means their advisors can remain integral parts of the communities they serve. Still, he believes technology is vital to remaining competitive, as many organizations also have multiple offices and remote or hybrid employees.

“We can meet with clients and provide participant financial wellness from anywhere,” Upham said. 

According to Nettles, technology and having partners such as Sowell Management have definitely leveled the location playing field. 

“You could even say that having access to certain technology and services regardless of location has highlighted the advantage of small-town values, quality of life, and the ability to access prospects and clients because many share those same values,” Nettles said.