The launch of such a business points to how firms see such advice as tapping into an unmet need.
GCG Wealth Management, overseeing more than $1.5 billion, has launched a division, GCG Advisory Partners, focused on recruiting and transition assistance for wirehouse and captive advisor teams, as well as support in business development and operations.
The firm said that GCG Advisory Partners was set up to “fill the gap” for advisors between the full-service wire-house and full liability business owner. It will also help with succession and acquisition planning for advisors through buyouts, maintaining profitability and retaining advisors over an agreed-upon transition period.
In April, GCG Advisory Partners officially completed another acquisition as a separate division with Cooper Investment Company, a 50-year firm owned by Thomas Greg Cooper, a second generation owner. Cooper has 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.