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.
Advisor recruiting climbed to its strongest pace in nearly two years, while CEO Richard Steinmeier said the firm has "cleared the decks" for bigger institutional deals.
The combinations involving Red Oak and AdvisorRankings illustrate how AI is reshaping both wealth firm operations and wealthtech platforms' business models.
New 5-in-1 onboarding tool aims to cut subscription paperwork as advisor demand for private markets accelerates
Connecting unique offerings with a specific client niche is a sure path to advisor satisfaction and success – but it all has to start with an intentional strategy.
The deal marks the independent wealth management firm's first footprint in Alabama, expanding its national RIA acquisition strategy.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
