Tru Independence Nabs $200M Team, Eighth Addition This Year
by: Kerri Anne Renzulli
Tru Independence’s hot streak shows no sign of slowing. The breakaway consulting company, which began in 2014, has assisted more than 20 firms launch or maintain their independent advisor business with nearly half that total happening this year alone.
Its latest addition is a new RIA, Paces Ferry Wealth Advisors, in Atlanta, Georgia. Founded by a pair of former J.P. Morgan Securities advisors, Jeff Diamond and Zachary Morris, the RIA will cater to high-net-worth individuals, entrepreneurs, business owners and foundations. They managed $200 million in assets at their previous employer.
Diamond and Morris made the move last month, according to FINRA BrokerCheck records.
“We looked into a lot of different companies, but tru Independence most closely shared our vision for creating the optimal client experience,” says Morris.
The announcement comes a little over a week after tru Independence helped launch Correct Capital Wealth Management, a St. Louis, Missouri-based RIA. The advisor, who was previously affiliated with Wells Fargo, oversaw $600 million in assets, according to tru Independence.
So far this year, tru Independence has brought eight firms onto its wealth management consulting and services platform and the company anticipates more additions in the fourth quarter, according to a spokesperson.
Diamond and Morris opted to partner with the firm because it offered them the ability to choose their own vendors and tailor digital offerings to clients’ needs, among other factors.
“They were more into customizing to meet our needs than any other companies we spoke with,” Diamond says.
Through new tech relationships the firm’s clients will have access to their client portals and financial plans 24/7, Morris says. They also have access to new risk analysis software. Diamond says that they also hope to bring in outside accounts like 401(k)s to better serve clients.
“We can be very nimble and make decisions quickly as a smaller organization,” says Diamond.
Paces Ferry will rely on Charles Schwab to act as custodian as some managers the firm already used were on the Schwab system and it made for the least disruptive switch for clients, they say.
Diamond is an industry veteran, having started his career at Painwebber in 1985, according to BrokerCheck records. He later worked at Lehman Brothers and Dean Witter before moving to J.P. Morgan Securities in 1996.
Morris started his career at the bank in 2011, according to BrokerCheck.
Connor Jabs, senior client associate, is also joining them at their new company.