March 23, 2023

Arvest trio with $650M AUM strikes to Legacy Capital

Little Rock-based impartial wealth administration agency Legacy Capital, a registered funding adviser (RIA), has expanded its attain by opening a brand new workplace in Northwest Arkansas.

Brian Wooden, Michael Peebles and DeAnn Gann have moved to Legacy Capital and opened the workplace at 5502 Walsh Lane in Rogers’ Pinnacle Hills space. They beforehand labored for broker-dealer Arvest Wealth Administration (AWM). Headquartered in Lowell, AWM is the wealth administration division owned by the Walton family-owned Arvest Financial institution of Fayetteville.

Legacy Capital’s workplace in Rogers opened on Feb. 23.

The AWM trio managed $650 million in shopper property at their former agency. These property don’t essentially observe them to Legacy Capital. Following numerous trade protocols relating to solicitation, the adviser should transfer to the brand new agency, then name their shoppers to ask whether or not they want to observe them.

At Legacy Capital, they may provide wealth administration companies to high-net-worth and ultra-high-net-worth households, starting from asset administration and investments to monetary and property planning, banking and belief companies, and insurance coverage.

“Legacy’s enterprise philosophy is constructed upon the standard of the folks we rent and associate with and what drives our method to ship the very best shopper expertise,” Legacy Capital president Matt Jones stated. “We couldn’t be extra enthusiastic about partnering with Brian and Mike and their workforce to ascertain our presence in Northwest Arkansas, one of many nation’s quickest rising and most dynamic areas.”

Wooden (2006) and Peebles (2012) labored for AWM for a mixed 26 years, and so they each maintain the Chartered Monetary Analyst (CFA) designation. Gann labored for Arvest since 1992 and has the Licensed Monetary Planner (CFP) designation.

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“Legacy Capital’s core values and client-centered method are an ideal match for a way we try to advise and serve our shoppers,” stated Wooden, the managing associate of the Northwest Arkansas workplace. “Legacy’s impartial and strong service providing will present our workforce with the sources to boost what we will provide to the households we serve and additional present a platform to proceed to scale and improve wealth administration companies for the NWA area.”

By including the Arvest trio, Legacy Capital will now be a multi-custodial platform utilizing Constancy and Charles Schwab as its main custodians.

“We’re thrilled to welcome Brian, Mike, DeAnn and the complete Legacy Capital workforce to the Constancy platform and assist broaden their shoppers’ entry to a broad set of services and products,” stated John Phillips, head of platform gross sales at Constancy Institutional Wealth Administration Companies. “That is an thrilling milestone for the workforce, and we look ahead to supporting the agency’s continued development and steadfast concentrate on serving to their shoppers accomplish their targets.”

Based in 1977, Legacy Capital gives complete wealth administration companies to people and households, together with monetary planning, asset administration, legacy and property planning and insurance coverage. It is among the state’s largest impartial wealth administration corporations. The Northwest Arkansas workplace addition would push the agency to greater than $1 billion in property beneath administration and advisement and greater than $2.5 billion of in-force life insurance coverage.

Matt Jones

“We see that [AUM] going to $3 to $5 billion within the subsequent three to 5 years,” Jones stated. “That could be a lifelike aim the place we will take our agency. This was the primary large step for us.”

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Since 2018, Legacy has been backed by minority associate Service provider Funding Administration of New York to offer strategic steering and sources to broaden its service platform, infrastructure and development technique.

“Matt and the workforce at Legacy Capital had been considered one of Service provider’s first companions, and it’s been outstanding working with them and rising the agency,” Service provider’s managing associate and co-founder Tim Bello stated. “The Northwest Arkansas area will now have entry to a best-in-class workforce for all their monetary planning wants, backed by the Legacy and Service provider manufacturers.”

Legacy Capital has doubled its property beneath administration since its 2020 merger with Trent Capital, serving 400 households with roughly 20 employees.

Jones, a Searcy native, earned a monetary administration diploma in 1991 from the College of Arkansas in Fayetteville, so he’s conversant in the area’s outstanding development via the years.

He stated the area will play a major function in Legacy Capital’s development within the coming years. Rising the Rogers workplace with further advisers would be the first step. The second step is opening different workplaces in Northwest Arkansas and past —Tulsa, for instance — within the subsequent couple of years.

“In our Little Rock workplace, we’ve got 21 folks,” stated Jones, who has labored at Legacy Capital since 1997. “There’s a cheap risk that in three years, our workplace in Northwest Arkansas will likely be as large, if not larger. Inhabitants development is a part of it. The second factor is that the kind of operation we run and the companies we offer have been lacking in that market.

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“We’ve got a number of accountants and attorneys we work with up there as our main referral sources, and so they’ve all stated, ‘When you can open an workplace right here and do what you do for our shoppers in central Arkansas, there’s a whole lot of alternative right here.’

“For us, it’s one step at a time. A very powerful factor was to get a flag within the floor in Northwest Arkansas.”

Jones’ familiarity with the area can be tied to Legacy Capital’s earlier workplace in Northwest Arkansas a number of years in the past. The corporate staffed a regional workplace for 15 years for its company advantages apply. Legacy Capital bought the apply to OneDigital Well being and Advantages of Atlanta, Ga. in 2017.