Arete Wealth, a Chicago-based broker/dealer and investment advisory firm, has added Crux Wealth Advisors, a new RIA launched by advisor Travis Alexander, to its network of branches. Alexander’s firm will use Arete’s proprietary tech stack, Outsource Solutions, and its registered reps will affiliate with the firm’s broker/dealer. They will also have access to Arete’s alternative investment and insurance services.
Earlier this month, Long Beach, Calif.-based Alexander announced his departure from Raymond James Financial Services and the creation of Crux, starting with $1 billion in client assets. He previously ran one of the top 10 branches within Raymond James’ independent contractor unit based on trailing 12-month revenue. He grew that firm from about $70 million in AUM in 2016 to $3 billion when he left on Aug. 2. He’s bringing over client assets in multiple phases.
He's signed a multi-year agreement to use Arete Outsource Solutions, the firm’s integrated tech stack and back-office service model, both of which attracted Alexander.
"The firm also delivers unique access to alternative investments, venture capital, and private equity programs in addition to traditional financial services, so we are delighted to bring those solutions to Crux Wealth Advisors,” he said in a statement.
Arete Wealth was founded in 2007. The firm has about $6.1 billion in assets under management and 230 wealth advisors in more than 50 offices around the country.
This follows news in May that Portsmouth Financial Services, a San Francisco-based broker/dealer with more than $800 million in client assets, joined Arete. The “tuck-in” via asset purchase brought about 40 advisors under Arete’s auspices. As part of the deal, Portsmouth ceased its operations as an independent broker/dealer and will operate as an Arete branch office.
