Duran's Rise reveals second strategic minority partnership

Rise Growth Partners, Joe Duran's venture aimed at supporting growth-focused independent RIAs, has found its second strategic partner.

Rise announced Tuesday that it has acquired a minority stake in Grimes & Company, an independent wealth management firm overseeing approximately $5.7 billion in assets under management. 

Grimes & Company, a family-owned firm founded by Timothy Grimes in 1985 and now led by CEO and chief investment officer Kevin Grimes, serves around 3,000 households across the US. The firm has expanded beyond its Massachusetts roots with a presence in Texas, Florida and Nebraska. The partnership with Rise is expected to support further geographic growth, refine its centralized financial planning process and attract advisors who align with its long-term vision.

“We’ve always believed that growth should be intentional, and this partnership is the next step in executing on that vision,” Kevin Grimes, an experienced professional with a 22-year BrokerCheck record, said in a statement Tuesday. “The Rise team immediately understood the scalability of our business, the uniqueness of our model and our exciting vision for the future.”

Rise, which specializes in taking non-controlling stakes in RIAs, was created to offer a funding alternative to firms seeking growth without selling to traditional acquirers or financial sponsors. The firm is pursuing its strategy with support from PE firm Charlesbank Capital Partners – which put down a $250 million capital commitment in February last year – and is led by a team with experience in building and scaling wealth management businesses.

“Grimes has built an incredible business by delivering truly bespoke investment portfolios at scale, something rare in an industry dominated by model-driven approaches,” said Joe Duran, managing partner at Rise. “Our goal is to help Grimes realize its potential of becoming a lighthouse brand in the industry, expanding its national presence by attracting like-minded teams.”

Grimes & Company has received industry recognition, having been featured in multiple top RIA and advisor rankings by prominent publications including Barron's. The firm attributes its growth to its ability to scale personalized investment strategies while maintaining a high-touch client experience.

Grimes marks the second strategic partner for Rise, following its inaugural August alliance with Bleakley Financial Group, a nearly $10 billion independent RIA.

Kevin Grimes said the partnership with Rise will allow the firm to build upon its existing foundation while providing additional resources to clients and advisors. “This partnership allows us to build something even more special, enabling us to become a magnet for top talent and remain an industry leader for years to come,” he said.

Terri Kallsen, managing partner at Rise – who is also CFP Board's 2025 chair-elect following in the footsteps of Liz Miller – said Grimes & Company’s commitment to client success aligns with Rise’s investment philosophy.

“Great wealth management is not just about numbers – it’s about vision, strategy and an unwavering commitment to clients’ success,” Kallsen said.