tru Independence, a registered funding advisor platform overseeing $12.5 billion in consumer property, has gone bi-coastal with the opening of a brand new headquarters in Philadelphia this week.
The choice to determine the brand new residence base at 2400 Market St., simply off the Schuylkill River, follows a yr of document development for the Portland, Ore.-based agency. tru has added six new groups in 2023—all situated in New England, Florida or each—together with greater than $4 billion in property, representing a four-fold improve over final yr’s recruited property.
As a lot as 60% of potential companions representing round $5 billion in property are additionally primarily based alongside the East Coast, in keeping with management, creating “the necessity for a brick-and-mortar presence” as regional enlargement continues.
Philadelphia was recognized as a sexy market on account of its emergence as a “outstanding monetary hub,” mentioned CEO Craig Stuvland, who referred to as the placement “strategic” and mentioned it could enable the agency to faucet into regional expertise. As a part of the enlargement, the platform has added a workforce of seven to bolster operational assist throughout gross sales, compliance, human sources, accounting and expertise from the brand new workplace.
Since debuting truView—an Advyzon-based expertise platform incorporating behavioral finance parts and supported by an in-house consumer companies workforce—in late Could, tru has elevated property by almost $3 billion over simply 5 months.
“truView has undoubtedly been an enormous element of our success,” Stuvland advised WealthManagement.com in October. “We have been attempting to resolve for this for years, so far as a platform that mixes an advisory dashboard with enterprise insights, threat metrics, all their CRM consumer data, portfolio and funding administration, monetary planning instruments, all embedded into in a single expertise.”
tru additionally just lately introduced a partnership with Opto Investments to supply companion corporations entry to non-public investments throughout non-public credit score, non-public fairness, actual property and enterprise capital, together with a set of personalized funds created completely for the tru platform.
Based in 2014, the agency has been looking for a capital companion to assist continued development initiatives. Presently, Stuvland owns a majority stake alongside non-public fairness investor David Beatty, via his firm Entwood Holdings.
Wirehouse breakaways at the moment comprise a bit of greater than two-thirds of the 30-plus groups on the platform, whereas the remainder got here from different giant RIA acquirers or had been present corporations in want of extra assist.
Groups which have come onboard in 2023 embrace SpirePoint Non-public Consumer from Morgan Stanley, Seven Mile Advisory from Mariner Advisors, Gainline Monetary Companions from Wells Fargo’s FiNet, and Crossover Capital Advisors, Sykon Capital and 44 North Capital from Merrill Lynch.
Stuvland mentioned he expects to proceed onboarding corporations at a measured tempo over the subsequent 14 months, however mentioned they are going to be bigger, with between $750 million and $2 billion in managed property.
