Two veteran wirehouse financial advisors managing $350 million in client assets with Swiss banking giant UBS launched an independent advisory practice with
Stewart Webb and Gerald Garner of Birmingham, Alabama-based Webb Garner Wealth Partners joined the continuing flow of wirehouse brokers into the industry's independent channels by dropping UBS for Arkadios,
"We wanted to establish a firm that places our clients and their communities at the forefront," Garner said in a statement. "After spending 25 years with big Wall Street brokerage firms, we aspired to not only build an independent firm that offers our clients the same products and services they are accustomed to, but we also wanted to create a culture of flexibility, unique solutions and boutique service."
Representatives for UBS declined to comment on the team's move. Despite ending the first quarter with 6,147 brokers in the Americas unit of the firm's Global Wealth Management division —
Teams in motion
Teams exiting wirehouses altogether remain a key driver of expansion at independent firms such as Arkadios and New York-based
After topping that milestone a dozen years since the firm's launch, Snowden Lane expects to amass its next $10 billion within three years, CEO Rob Mooney said in an interview. His firm and its private equity backer, Estancia Capital Partners, secured
Snowden Lane is tapping into the "outflow of advisors from the large firms, from the wirehouses" and "an opportunity in the independent space for advisors who have already gone independent," Mooney said. "We think, as we gain scale, we'll also attract people who are running their own RIAs and decide that they're better at practice management than they are at running a company."
Rivals to Snowden Lane and Arkadios have been adding teams and executives through recruiting and M&A deals as more private equity firms and other investors race into the industry.
The lure of new firms
This week alone,
In an indication of the attractiveness of RIAs to investors, Altas Partners agreed to
Mercer has topped $48 billion in client assets as one of
"We are excited to welcome Altas Partners as a strategic investor," Mercer CEO Dave Welling said in a statement. "We have had an outstanding partnership with Genstar and Oak Hill for many years and chose Altas as our newest strategic investor because they believe in our mission, purpose, and strategy and are committed to support continued investment in capabilities that will allow us to enhance the way we serve our clients."
Arkadios has been expanding in recent years as well, although the Atlanta-based firm hasn't received any outside infusions of capital from private equity firms along the way.
In 2021, annual revenue at Arkadios soared by 54% year over year to $60.8 million, which made the firm No. 3 in business growth among all companies in
The latest incoming team chose Arkadios in order to boost its customized services for clients, according to the firm's announcement. Webb and Garner started in the business in 1998 with Salomon Smith Barney, then merged together their practices in 2006 before moving to UBS three years later, FINRA BrokerCheck shows.
"We are thrilled to welcome Stewart Webb and Gerald Garner to the Arkadios family. This partnership not only allows us to learn from their expertise but also provides us with an opportunity to help them take their business to the next level," Millican said in a statement. "Additionally, establishing a significant presence in Birmingham aligns perfectly with our strategic growth plans."
