Ron Carson has announced his first pickup, well-known veteran investment adviser Rob Isbitts, to become the chief investment officer for his new RIA, CWM LLC, which was launched July 1.
Mr. Isbitts co-founded Emerald Asset Advisors LLC in 1998. That firm has grown to manage $276.5 million in assets and is based in Weston, Fla.
Mr. Isbitts joined Carson Wealth Management Group in January, but the firm waited to announce his hiring until today. Mr. Isbitts will also hold the title of chief investment strategist.
CWM will use three custodians to hold client assets. The primary custodian will be
LPL Financial, Mr. Carson's broker-dealer, from which he plans to resign at the end of the year. The others are TD Ameritrade Holding Corp. and Schwab Advisor Services. Barron's magazine recently ranked Mr. Carson seventh on its closely watched list of top 100 advisers.
In May, Mr. Carson said he intended to leave LPL and launch his own RIA, and then create his own broker-dealer. At the time, he pointed to shortcomings in LPL's services to his 1,346 clients and the opportunity to expand his business as the reason for the move.
His firm, Carson Wealth Management Group, is based in Omaha, Neb., and manages more than $3 billion in client assets, formerly the largest at LPL. The advisory side of the firm accounts for about 90% of its assets.
Mr. Isbitts will continue to manage two mutual funds he launched while at Emerald Asset Advisors. “When Ron Carson calls, you realize that's a call you don't get very often, maybe once in your career,” Mr. Isbitts said. “The time was right to take a lot of my strategic work and
portfolio management philosophy and bring it to a national audience,” he said. “I've always been a hedged investor and that's something Ron and I have in common.”
Mr. Carson said he was not finished hiring; he intends to hire an additional certified public accountant, a senior-level sales manager, a stock analyst that focuses on bottom-up research, and a senior person for the
financial planning department. “And we're always looking for additional advisers,” he said.
The firm has been focused on growth. In October, Carson Wealth Management said it was buying two advisory practices in Washington state.
