The rise of this new business category speaks to a busy M&A and succession trend in parts of the North American wealth management sector.
GCG Wealth Management, which oversees more than $1.5 billion, has created a new division, GCG Advisory Partners. It concentrates on hiring and providing transition help to wirehouse and captive advisor teams. This launch comes at a time when business transfer, succession and wealth management mergers are a major industry trend.
The new business fills a gap, GCG said, for advisors between the full-service wirehouse and full liability business owner. The group will help with succession and acquisition planning for advisors through attractive buys outs, maintaining the profitability of the practice and retaining the advisor over an agreed period upon transition.
In April, GCG Advisory Partners officially completed an acquisition as a separate division with Cooper Investment Company, a 50-year firm owned by Thomas Greg Cooper. The firm had more than $270 million in assets under advisement.
Founded in 1994, GCG Wealth Management is led by Joel Burris, president and managing partner.
GCG Wealth Management has eight office locations throughout the Carolinas, Florida and Louisiana.