After just over a year with Royal Alliance, a 12-person advisory team bolted to rival independent broker-dealer Cadaret, Grant.
Atria Wealth Solutions' Cadaret, Grant landed the $600 million team, led by financial advisor Bert Riley, in May, adding to Atria's four subsidiaries’ $65 billion in assets under administration — a $15 billion increase since the end of 2018.
The team joins Cadaret, Grant’s branch in Wall, New Jersey, the same city they operated out of at Advisor Group's largest IBD.
Before his short stint at Royal Alliance, Riley spent 20 years at a now-shuttering BD named Petersen Investments, where he eventually served as the CEO. He got his start at Gruntal & Co. in 1994, according to FINRA BrokerCheck.
Riley says the move to Cadaret, Grant was largely about securing better access to management, improving the team’s business model and finding a place where he could grow the company to "where he wanted to take it."
In his short time at Cadaret, Riley says he and his team have already had “real discussions” with management about moving forward with his practice.
The difficulty of moving clients and representatives aside, Riley says the transition has been relatively smooth due to Cadaret, Grant’s being “receptive and open to the growth he has in mind.”
The team has moved to a smaller company as measured by advisors and revenue: Royal Alliance’s 3,086 advisors produced more than $600 million in revenue in 2018, compared to the $163 million generated by Cadaret, Grant’s force of 618.
It’s the relationship fostered between incoming advisors and senior advisors that makes a midsized firm like Cadaret, Grant stand out, says Atria’s chief growth officer Kevin Beard, referring to such connections as “family-like.”
“Advisors are looking for a firm where their goals align with that of the firm,” he says.
Following its acquisition by Atria last year, Cadaret lost a $500 million team to the No. 4 IBD,
But Beard says they’re seeing growing recruiting momentum due to word of mouth and with the help of a little advertising.
A spokesperson for Royal Alliance didn’t respond to requests for comment on the move.
