Rise Progress Companions, the RIA investing firm launched by former United Capital CEO Joe Duran, has employed Stacy Coffey, a former senior vice chairman of wealth methods at Wealth Enhancement Group, as managing director and head of advisory partnerships, the agency confirmed.
Coffey began her profession at Schwab and was senior managing director of technique and monetary planning when she left the agency in 2019. Most lately, she was on the RIA platform Wealth Enhancement Group, the place she helped advisor groups convey monetary planning, tax, property planning, 401(ok) and insurance coverage choices to their purchasers.
At each corporations, she labored with Terri Kallsen, who was introduced on at Rise Progress in October as managing accomplice and head of the working partnership staff. Coffey will report back to Kallsen, and assist her work with the accomplice corporations that Rise Progress invests in.
The staff will present every RIA with an “enterprise readiness evaluation,” a report figuring out gaps of their enterprise and measure them throughout three key areas: enterprise administration, which encompasses the service mannequin, management and the way the RIA tracks and measures outcomes; the enterprise platform, which implies the expertise used for purchasers and advisors and the back-office; and the expansion technique—each natural and inorganic.
“The working partnership staff is de facto an professional information that helps the corporations that we make investments in try this,” mentioned Darius Mirshahzadeh, government managing accomplice at Rise Progress. “[Stacy] has a observe file of actually serving to advisors create nice companies and nice buyer experiences.”
Duran has been constructing out his administration staff over the past a number of months. Along with Kallsen and Coffey, he additionally employed Will Armenta, a co-founder of Opto Investments, earlier this 12 months, as managing director, who’s working alongside Brian Shenson, managing accomplice and COO, to assist corporations fill gaps of their current expertise and working platforms.
Final September, Duran, who bought his firm, United Capital, to Goldman Sachs in 2019, revealed particulars about his new enterprise. Rise Progress will purchase a roughly 30% stake in next-generation RIAs with between $1 billion and $7 billion in AUM. In trade, it will present progress capital and sources to assist them turn out to be nationwide RIA platforms with $10 billion or extra in belongings.
In February, the agency mentioned it raised $250 million in funding from its administration staff and Charlesbank Capital Companions, the middle-market non-public fairness agency that additionally backs Lido Advisors. Charlesbank will take a majority stake within the new firm.
