Bogart Wealth eyes more growth with minority staking deal

Bogart Wealth eyes more growth with minority staking deal
After quadrupling its assets, the independent firm overseeing $3 billion has struck a strategic PE partnership with Constellation Wealth Capital.
JAN 22, 2025

Bogart Wealth, an independent wealth management firm with approximately $3 billion in assets under advisement,

The firm announced Wednesday morning it has received a minority investment from alternative asset giant Constellation Wealth Capital. The strategic capital infusion will support Bogart’s growth in areas such as client services, technology, recruitment, and marketing while allowing the firm to maintain its independence.

The minority staking deal – a microcosm of the broader trend of private equity's broadening influence across the wealth space – is part of Constellation's broader strategy of providing long-term capital solutions to wealth management businesses and multi-family offices.

“We’re very excited to welcome Constellation Wealth Capital as partners in our mission to help clients achieve financial peace of mind by preserving and maximizing intergenerational wealth,” James Bogart, founder and CEO of Bogart Wealth, said in a statement on Wednesday. “The CWC team brings significant experience to our organization that will serve our team well and demonstrates our deep commitment to our clients and their families.”

Bogart Wealth will remain primarily employee-owned following the deal, the firm emphasized.

The firm, headquartered in McLean, Virginia, has seen significant growth in recent years, quadrupling its assets under management over the past five years. This expansion has been accompanied by the addition of 30 new employees and the launch of the Advisor Growth Track, a professional development program aimed at training and mentoring advisors to meet the needs of a growing client base.

Karl Heckenberg, president and managing partner of Constellation, underscored the alignment between the two firms.

“We are thrilled to invest in a firm that has been on a path of rapid organic growth and is so committed to client success,” Heckenberg said. “We share Bogart Wealth’s mission and vision and are committed to investing in the firm for the long-term benefit of client families.”

In 2024, Constellation secured minority equity interests in a number of RIA firms including Lido Advisors in January, Alti Tiedemann in March, and Cresset Capital Management in November. By December, the firm had closed its inaugural fund with more than $1 billion in capital commitments, surpassing the initial target set during its August 2023 inception.

Latest News

Beyond sell or inherit: A third exit for appreciated property
Beyond sell or inherit: A third exit for appreciated property

With a growing number of real estate-rich Baby Boomers aging into retirement, some advisors may be failing to consider all the options available for those clients' assets.

AI marketing adoption gap costs financial firms revenue
AI marketing adoption gap costs financial firms revenue

Cornerstone Advisors study reveals compliance bottlenecks stall campaigns weeks after customer opportunities close.

HB Wealth enters Texas with physician-focused advisory team
HB Wealth enters Texas with physician-focused advisory team

A father-daughter trio managing approximately $700 million joins the Atlanta-based fee-only RIA, establishing its Austin foothold.

SEC alts proposals may spark compliance 'culture shock' for managers
SEC alts proposals may spark compliance 'culture shock' for managers

CFP, CFA and CPA holders could gain accredited investor status as regulators weigh wider private market access for advisory clients

Advisor tech platfoms court firms with discounts, notaries, education
Advisor tech platfoms court firms with discounts, notaries, education

DeepVest, Vanilla and Libretto roll out tools to help financial advisors launch firms, close estate plans and sharpen planning skills

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains