$7B RIA names Reegan Rae as co-CEO

Reegan Rae is joining a small group of women executives in the financial services industry as the new leader of one of the industry’s leading registered independent advisors.

Arnerich Massena, a Portland, Oregon-based RIA with more than $7 billion in assets under management according to its most recently filed form ADV, has named Rae as co-CEO. Arnerich Massena placed 13th in AUM in Financial Planning’s 2020 ranking of RIAs.

Women accounted for fewer than 22% of leadership positions in the financial services industry in 2019, according to research from Deloitte. That doesn’t mean that they are all on an elevator to the top; women tend to have higher representation in leadership roles that typically do not lead to the CEO title, such as heads of talent, marketing or business development, according to a separate Deloitte report.

“I feel very fortunate to be part of a company that has always understood the importance of bringing diverse perspectives to its teams, and glad to be part of helping to foster and grow that understanding,” Rae said in an email. “Being named CEO can serve as a message to other young women that it is possible to succeed in the investment and financial services industry, and that what we bring to the table as women is critical to the success of those whom we serve.”

Rae will serve alongside co-CEO Bryan Shipley, who has been co-CEO for over a year with founder Tony Arnerich. Shipley will also be the firm’s sole chief investment officer, a role he split with Arnerich for the last four years.

Sharing executive responsibilities helps ensure clients continue to receive high-quality service, Rae says.

“Because we know this structure can be successful, we believe it is the right path for Arnerich Massena,” she adds.

The change is part of a broader succession plan the firm developed in 2017. Arnerich is currently transitioning out of his role with the firm to focus on his venture capital firm, 3x5 Partners.

Rae has been with the firm for nearly a decade, most recently leading its wealth management division. She will maintain her role as an investment advisor for select clients while directing Arnerich Massena’s overall strategic direction, according to a statement from the firm.