In less than five years, private RIA serving families with significant wealth grows assets exponentially, credits WAGN with critical support
LITTLE ROCK, Ark., Oct. 15, 2024 /PRNewswire-PRWeb/ — Naviter Wealth, a national private and independent SEC-registered investment advisory (RIA) firm committed to helping families who have accumulated significant wealth navigate critical and complex financial decisions, today announces it has officially purchased back the minority ownership held by Wealth Advisor Growth Network (WAGN). Launched in early 2021 with the support of WAGN as an investor and integral consultant, Naviter expands employee ownership via this transaction.
Chief Executive Officer Bentley Blackmon and President Phillip Worthen founded Naviter Wealth to be an independent firm and act as a true fiduciary free from the constraints and bureaucracy common within traditional banks and broker-dealers.
Naviter Wealth’s comprehensive services to clients across the country include asset management built upon institutional principles, banking and lending, trust services, risk management and insurance, and portfolio administration and reporting. Its network of talented professionals in the areas of estate planning and wealth transfer, tax and accounting, corporate finance, and family office services support the complex needs of families who have experienced a significant liquidity event.
In less than five years, Naviter Wealth has achieved substantial growth, including through the acquisition of Echelon Wealth Advisors in 2023, and manages more than $1 billion today. During this time, Naviter Wealth also launched Naviter Trust, a service focused on helping families grow and protect generational wealth through trusts; developed a strategic partnership with Frost, PLLC Certified Public Accountants to offer clients proactive tax planning services; and launched an affiliate program with other financial and private equity firms, attorneys, and accountants to collaborate and maximize each other’s networks. Since its launch, Naviter Wealth has more than doubled its team to meet the needs of its expanding client base.
WAGN Partners John Phoenix and Jay Hummel, with decades of shared experience working directly with RIAs, founded their wealth management consultancy to help firms like Naviter Wealth evaluate options and maximize value as they launch and grow, without the influence of institutional bias.
“The WAGN team was critical to us in the early stages of our launch,” said Bentley Blackmon, CFA®, CFP®, CEO, Naviter Wealth. “As a strategic and capital partner, John and Jay helped us quickly identify and implement the compliance, legal, marketing, technical, and back-office support we needed for a successful start.”
“Our mission at WAGN is to help independent advisors accelerate growth and realize their full potential by providing the tools, strategic support and capital that we know will get them there,” said Jay Hummel, Partner, WAGN. “We were thrilled to invest in Naviter Wealth in its early days and are proud to see WAGN’s mission come to fruition with our equity position being purchased by the management team at Naviter.”
“This is a pivotal milestone for Naviter Wealth, as through this transaction, our management team increases their ownership and advances into a larger role driving the continued growth of the firm as its future leaders,” said Phil Worthen, President, Naviter Wealth.
“We knew from the beginning that Naviter Wealth would evolve into a highly successful RIA free from the limitations of the broker-dealer world. WAGN was created to help teams like Naviter achieve total independence,” said John Phoenix, Partner, WAGN. “We have seen firms struggle to buy back ownership from their initial investors; by agreeing to sell our minority position to the team at Naviter, we set ourselves apart from other institutional investors in the space.”
Naviter Wealth and WAGN have other business interests together and will continue to look for opportunities to work together in the wealth management space.
Naviter Wealth, LLC (“Naviter”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Naviter and its representatives are properly licensed or exempt from licensure.
About Naviter Wealth
Naviter Wealth, LLC is a private and independent wealth management firm with deep expertise assisting families nationwide who have experienced a significant liquidity event and executives of publicly traded companies. Naviter serves the ultra-high-net-worth and family office markets by delivering solutions that incorporate leading-edge technology, best-in-class investment strategies, trust services, insurance services, tax consultancy, and estate planning. Partner with us at https://naviterwealth.com/.
About Wealth Advisor Growth Network (WAGN)
WAGN is an investor and consultant to financial services firms across the United States to help them grow revenue, expand margins, and increase enterprise value. The firm was built by a team with more than 55 years of experience in this space – helping hundreds of firms across the country, including some of the largest RIAs, aggregators, and asset managers. The firm also manages the WAGN Hub, a special network of WAGN-affiliated firms with a mission to operate similarly with exclusive access to WAGN’s specialty services, as well as ongoing business, operational, and growth support. For additional information, please visit: https://wagn.biz/