A new RIA platform has made its debut to help address one of the most pressing challenges for small independent advisors.
VestGen Wealth Partners, led by three-decade industry veteran Josh Gerry, announced its launch on Tuesday.
With an initial 10 partner advisory practices managing a combined $5.3 billion in assets under management, the Chicago-based firm aims to address succession planning challenges in the wealth management sector while nurturing the next generation of financial advisors.
"We're addressing one of the wealth management industry's most pressing challenges: the succession crisis," Gerry, who serves as VestGen’s inaugural CEO, said on Tuesday. "Every advisor nearing retirement asks, 'Who will take care of my clients?' VestGen provides a clear answer – by pairing these practices with talented Gen2 advisors who are ready to build on their legacy."
According to his BrokerCheck profile, Gerry was a registered broker in the industry for 27 years, having most recently affiliated with LPL.
VestGen's strategy is focused on practices managing between $100 million and $500 million in assets. In contrast to other RIA acquirers that have emphasized opportunities for organic and inorganic growth in their strategies, the firm’s approach focuses on providing guidance, resources, and technological support to both retiring advisors and their successors.
The firm’s launch comes at a pivotal time for the industry, as research from Cerulli Associates suggests that 37 percent of financial advisors are expected to retire within the next decade. This transition could place trillions of dollars in client assets at risk of mismanagement if effective succession strategies are not implemented.
VestGen aims to address these concerns through its structured acquisition model. This includes mentorship opportunities for younger advisors, integrated technology, and a family office model offering a range of services, including tax, insurance, and legal support.
"VestGen’s goal is to create a seamless transition process for retiring advisors while giving the next generation the tools they need to succeed," Gerry said.
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