TAMP Acquires Portfolio Management Service With Plan To Combine Technology With Full-Service Approach For Over $21 Billion In Combined Platform Assets
GeoWealth announced its acquisition of First Ascent Asset Management, an outsourced portfolio management service that also provides investment consulting, advisor support and 401(k) guidance. First Ascent will maintain its name, brand, service model and fee schedule, but will migrate to the GeoWealth platform.
The firms intend to combine GeoWealth’s technology on its turnkey asset management platform (TAMP) with First Ascent’s client services to deepen offerings for advisors and will search for more opportunities to increase flexibility and choice in the coming months. First Ascent is expected to enhance GeoWealth’s service model with an expanded focus on serving a broad range of RIAs from state-registered firms to multi-office national brands.
“By combining GeoWealth’s robust technology with First Ascent’s full-service approach, we’re able to serve the broader community of independent advisors,” said Colin Falls, President and CEO of GeoWealth. “This acquisition represents a natural alignment between two companies that believe that a tech-forward approach is the way of the future and are unified in their mission to modernize the TAMP business model for the benefit of advisors and their clients.”
First Ascent’s advisor clients will gain access to GeoWealth’s back-office efficiencies and customizable unified managed account (UMA) offerings, and its team will remain in place to support advisors and manage portfolios.
In a statement to WSR, Falls said, “While advisors have come to know and expect a high level of service through First Ascent, GeoWealth’s purpose-built platform will allow advisors to unlock their full potential and deliver an even deeper solution set to end clients. The GeoWealth platform will also provide much greater flexibility to First Ascent advisors by allowing for custom advisor-built models, a unified technology stack, as well as GeoWealth’s state-of-the-art Service Center.”
After migrating First Ascent’s over $1.3 billion in assets to GeoWealth’s platform, the combined firms will serve more than $21 billion in platform assets.
“When we first met the GeoWealth team, I remarked that First Ascent should have been built on top of its integrated technology – that’s how seamless and user-friendly it is,” Scott MacKillop, CEO of First Ascent, said.
MacKillop continued, “First Ascent was designed to maximize the benefits of the TAMP business model for fiduciary advisors. I’m thrilled to join forces with GeoWealth as we share a dedication to outstanding service and empowering advisors to deliver top-tier investment management programs.”
In December, WSR named GeoWealth among the winners of the Asset Manager Platform of the Year category in the WSR Wealth Exemplar Awards. The firm received a capital injection in November 2021, and expanded in multiple ways last year, including integrations with Pontera and 55ip, an expanded model marketplace and the establishment of an investment consulting division.
Michael Madden, Contributing Editor & Research Analyst at Wealth Solutions Report, can be reached at firstname.lastname@example.org.