On New Year’s Day in 2024, there will be a new CEO at Homrich Berg.
Thomas Carroll will take over at the Atlanta-based registered investment advisor, succeeding co-founder Andy Berg. Berg will stay on as chairman of the $14 billion RIA going forward, the firm announced Tuesday.
Carroll told InvestmentNews the transition has been years in the making. “He [Berg] hired me four years ago as the presumptive successor and it was my understanding at the time that the transition would be somewhere between three to five years.”
Carroll adds that it was the right amount of time before being Berg’s successor.
“It allows me time to get to know the firm, meet our clients, make sure they understand the transition is going to be business as usual; it allows me to get to know our teammates, and it’s just been perfect timing.”
Carroll joined HB to fulfill the firm’s multiyear transition plan, leveraging his multidecade career in financial services to propel growth across the Southeast. Carroll’s career spans decades at SunTrust Bank, where he worked as both an advisor and executive vice president. He was head of division wealth management and also served as CEO of GenSpring Family Offices, the multifamily office subsidiary of SunTrust Bank.
Moving forward, Carroll says he will focus more on inorganic growth and M&A activity.
He also plans to focus on delivering an exceptional client experience while continuing to scale the firm for the benefit of HB clients.
“As we create that scale, one of the things that we need to focus on is continuing to invest in digital and technology,” Carroll adds. “So, HB will probably embrace technology a little bit more rapidly going forward.”
Carroll holds a bachelor of science in business from Wake Forest University and is a CFP.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
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.
