An advisor who this month left Raymond James has launched an independent RIA and wealth management firm, starting off with $1 billion in client assets.
That new firm, Crux Wealth Advisors, is founded by Travis Alexander, who was at Raymond James since 2016 and had been with Ameriprise from 2008 to 2016. Alexander had started Crux in 2016 under Raymond James and had grown it to more than $3 billion in assets under management, one of the top 10 branches for 12-month trailing revenue at the wider financial services company.
The now-independent firm is using Arete Wealth as its broker-dealer and insurance agency. BNY Pershing providers clearing and custody.
While the firm is looking to grow substantially and add advisors, including breakaways, for offices around the country. However, Alexander said the new firm has a “contrarian approach” to scaling up the business, focusing on growth that stands to benefit clients.
“Aggressive growth, aggregation or M&A, especially these days and especially in the RIA field in and of itself is not unique,” he said.
“It’s not about me. It’s not about our core or executive staff making the most money or having the biggest valuation.”
The firm is headquartered in Long Beach, California and has offices in Burbank, California and Westchester, Illinois. Crux is also registered with the Securities and Exchange Commission in Arizona, Colorado, New York, Tennessee, and Texas.
Of the firm’s $1 billion in assets under management, nearly 90 percent are in fee-based compensation, with the remainder paying commissions. Current clients include about 1,400 households served by six advisors, Alexander said. The firm has a total of 18 employees, with an expectation of doubling that within a year.
The firm began planning an independent launch two years ago, Alexander said.
“I’m proud of what we’ve been able to do since the inception of Crux [in 2016],” he said. “This is a deeply emotional experience and a culmination of a lot of hard work and input from myself and the firm and third-party support.”
The recently rebranded Focus Partners Wealth is growing again, this time with a pending deal for a Fairfax, Virginia advisory firm.
Northern Trust is "absolutely loaded with wealthy clients," one executive said.
Use of digital tools and a longer investment horizon are clear advantages.
Research reveals one type of retirement account is showing strongest growth.
A sort-of double-deal marks Allworth's 42nd acquisition since 2018 as Apella makes its first move in Iowa.
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.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
