In a major hire for his new registered investment advisory firm, CWM LLC, Ron Carson has announced that well-known veteran investment adviser Rob Isbitts will become chief investment officer of the firm, which was launched July 1.
Mr. Isbitts co-founded Emerald Asset Advisors LLC in 1998. That firm has grown to manage $276.5 million in assets and is based in Weston, Fla.
Mr. Isbitts joined Carson Wealth Management Group in January, but the firm waited to announce his hiring until last week. He also holds the title of chief investment strategist.
CWM will use three custodians to hold client assets.
The primary custodian will be LPL Financial, Mr. Carson's broker-dealer, from which he plans to resign at the end of the year. The others are Schwab Advisor Services and TD Ameritrade Holding Corp.
Barron's magazine recently ranked Mr. Carson seventh on its closely watched list of top 100 financial advisers.
CRITICISM OF LPL
In May, Mr. Carson said that he intended to leave LPL and launch his own RIA firm, and then create his own broker-dealer. At the time, he pointed to shortcomings in LPL's services to his 1,346 clients and the opportunity to expand his business as reasons for the move.
His firm, Carson Wealth Management Group, is based in Omaha, Neb., and manages more than $3 billion in client assets, formerly the largest at LPL. The advisory side of the firm accounts for about 90% of its assets.
Mr. Isbitts will continue to manage two mutual funds he launched while at Emerald Asset Advisors.
“When Ron Carson calls, you realize that's a call you don't get very often, maybe once in your career,” Mr. Isbitts said.
'NATIONAL AUDIENCE'
“The time was right to take a lot of my strategic work and portfolio management philosophy, and bring it to a national audience. I've always been a hedged investor, and that's something Ron and I have in common,” Mr. Isbitts said.
Mr. Carson said that he isn't finished hiring. He said that he intends to hire an additional certified public accountant, a senior-level sales manager, a stock analyst that focuses on bottom-up research and a senior person for the financial planning department.
“And we're always looking for additional advisers,” Mr. Carson said.
The firm has been focused on growth. In October, Carson Wealth Management said that it was buying two advisory practices in Washington state.
Email Bruce Kelly at [email protected]
