Ritholtz Wealth Management hires its first company president

Ritholtz Wealth Management hires its first company president
Jay Tini joins Ritholtz from Vanguard, where he was divisional sales manager, for his first job at an RIA.
NOV 17, 2022

Ritholtz Wealth Management is advancing to the next level of an advisory firm’s evolution by hiring its first-ever company president to free up other executives and partners at the high-profile RIA to focus on clients, branding and marketing.

The $2.8 billion New York-based registered investment adviser announced Thursday that Jay Tini is leaving his position as divisional sales manager at Vanguard Group to step into the president’s role at Ritholtz on Jan. 1.

“We’ve grown in complexity and in scale to the point where all of us are very stretched in what we do, and we needed somebody to come in and take over the day-to-day management,” said Josh Brown, chief executive of the 9-year-old RIA that employs 53 people and serves 1,500 clients.

Tini, 43, will report to chairman and chief investment officer Barry Ritholtz and Brown, and he will support the other two founding partners, Kris Venne and Michael Batnick.

While the RIA is well-known for the blogs and podcasts produced by people across the firm, Brown said Tini will not be part of the content production.

“Jay is really here to make sure all the things we’re doing boil down to happy employees and client satisfaction,” Brown said. “That’s the thing I never wanted to lose sight of.”

Tini is still wrapping up his work at Vanguard, where he has worked for 11 years. Prior to that, he spent 10 years at AllianceBernstein, where he served as director of global asset management.

The fact that Tini is joining Ritholtz without having previously worked at an RIA isn't an issue, Brown said, because Tini is being hired for his management expertise.

“Jay is uniquely experienced and knowledgeable, having interacted with the best firms in America,” Brown said. “I know all the midsize and large RIAs in America, and they are founder-managed, for the most part. Most of them had no experience running a business prior.”

Brown’s point, that “management isn’t something an adviser is trained or suited for,” underscores his case that bringing in a non-RIA to run an RIA is a plus.

“That’s not a handicap, it’s refreshing to have someone on the other side of the table come in and bring a lot of things he’s learned,” Brown said. “We were not looking for an RIA to run the firm. We recognized we needed help and somebody internally we could trust. The timing really worked out on both sides.”

Brown, who described himself as a “youthful 45,” said the addition of Tini is not the start of a succession plan for any of the firm’s current executives.

Tini holds an MBA from Drexel University’s LeBow College of Business and a B.S. in Finance from Boston College.

He described his new employer as a “growing RIA that’s leading the way in every dimension of the industry.”

“I’ve known these guys since the founding of Ritholtz, and we’ve been close friends and they’ve been valued clients, from Vanguard’s perspective,” Tini said. ““This is fueling the next phase of growth, freeing up the four founders who have incredible competencies.”

InvestmentNews recognizes the achievements of Amy Webber

Latest News

JPMorgan tells fintech firms to start paying for customer data
JPMorgan tells fintech firms to start paying for customer data

The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.

FINRA snapshot shows concentration in largest firms, coastal states
FINRA snapshot shows concentration in largest firms, coastal states

The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.

Why advisors to divorcing couples shouldn't bet on who'll stay
Why advisors to divorcing couples shouldn't bet on who'll stay

Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.

SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives
SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives

With more than $13 billion in assets, American Portfolios Advisors closed last October.

William Blair taps former Raymond James executive to lead investment management business
William Blair taps former Raymond James executive to lead investment management business

Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.