Uniting Wealth Partners (UWP), an Registered Investment Advisor (RIA) succession incubator supported by the Wealth Advisor Growth Network (WAGN), has announced an exciting development: Rick and Alecia Dougherty have officially joined the firm, bringing along their well-established practice based in Rochester, New York, which manages an impressive $235 million in assets under management (AUM).
This strategic move represents a significant shift for the Doughertys, allowing them to achieve true independence as the majority owners of their financial advisory practice. In addition to acquiring ownership of their firm, they will also gain ownership of the holding company that provides crucial operational support and resources necessary for enhancing the efficiency and growth of their business. Key motivations behind their transition include the immediate benefits and long-term advantages stemming from the increased scale, enhanced operational efficiencies, and higher profit margins associated with being part of Uniting Wealth Partners. These factors are designed to drive smarter operational efficiencies and elevate the overall valuation of their practice.
The co-founders and managing partners of Uniting Wealth Partners, Jay Hummel and John Phoenix, have drawn upon their extensive experience—spanning decades in the financial advisory industry—to design an innovative RIA incubator specifically focused on empowering advisors to succeed. Their mission is to create an environment where advisors can thrive, leveraging shared resources and expertise.
Advisors who become part of the Uniting Wealth Partners ecosystem can take full advantage of the collective scale provided by the partnership as well as the expansive network offered by WAGN. This access translates into a wealth of resources, including cutting-edge technology, robust compliance frameworks, comprehensive accounting services, strategic marketing initiatives, support for smooth transitions, and effective recruitment assistance. Furthermore, advisors within the RIA have the opportunity to significantly broaden their service offerings.
This includes a range of additional services, such as lending solutions, trust and estate planning, insurance products (including life insurance and property & casualty insurance), business valuation services, and mergers and acquisitions (M&A) advisory services. These expanded capabilities not only enhance client satisfaction but also open up new avenues for revenue generation, ultimately helping advisors serve their clients more effectively and grow their practices.
KEY QUOTES:
“As we look ahead to the ongoing growth of our firm and what’s next from a succession perspective, we were drawn to the advantage Uniting Wealth Partners provides to maintain our independence while accessing the resources we need to expand our services and appeal to a potential buyer in the future.”
Rick Dougherty
“We developed Uniting Wealth Partners for advisors like Rick and Alecia, who recognize the value of becoming their own aggregator, rather than losing out on margin to a third party. Investing the time and effort now to develop a succession plan with the support of our holding company sets them up to achieve multiples typically reserved for private equity firms.”
Jay Hummel
“Having worked with hundreds of advisors across the country, Jay and I know what tools and solutions practices like Rick and Alecia’s need to increase client satisfaction, grow revenue, and design a succession plan that works best for them, maximizing the value they have worked hard to build.”
John Phoenix
