Signature Property & Funding Advisors (SEIA), a $30 billion registered funding advisor primarily based in Los Angeles, has employed AssetMark’s former progress head, Matt Matrisian, as president to work alongside co-founder and CEO Brian Holmes.
Matrisian, whose position turns into efficient April 28, will look to hurry SEIA’s natural and inorganic progress and enhance advisor companies.
After an exhaustive seek for the brand new position, CEO Holmes stated Matrisian “had us at ‘whats up’.”
“We knew what we have been on the lookout for, which was any person with power in M&A, any person who had the need to develop, and had operational historical past,” he stated. “All of the qualities we have been on the lookout for, Matt had.”
The RIA, backed by personal fairness agency Reverence Capital Companions, had 30% year-over-year progress in consumer belongings below administration and administration by way of 2024. Final 12 months, it made its largest acquisition because the Reverence capital infusion, buying a $2 billion RIA primarily based in Cleveland.
SEIA additionally introduced two inner promotions. Present Chief Compliance Officer Eric Rosen will change into chief technique and progress officer, targeted on advisor companies and progress initiatives.
As well as, Vice President of Funding Providers Howard Chen will change into chief working officer to “strengthen SEIA’s operational spine,” in accordance with the agency.
SEIA added 58 advisors and residential workplace staff previously 12 months and expanded in a number of states, with further workplaces deliberate in North Carolina and Texas.
Matrisian had been with AssetMark for over 15 years, holding a number of roles earlier than changing into head of consumer progress in 2023. Earlier than that, he was a vp and director of follow acquisitions at Raymond James, the place he labored for greater than 16 years.
He stated SEIA’s repute and progress trajectory drew him to the agency. These progress plans will embody a brand new program during which the RIA has began bringing over 1099 advisors into SEIA’s W-2 mannequin.
Within the new position, Matrisian will concentrate on increasing companies to SEIA advisors, together with property, tax and monetary planning, emphasizing “consistency throughout the agency’s consumer engagements.”
He stated SEIA is well-positioned to assist second-generation advisors construct up their practices.
“We’ve had success with people skilled below a few of our lead advisors,” he stated. “Now we have a scalable infrastructure throughout the agency that the advisors are tapping into that frees up their time, permits them to drive consistency inside their consumer base, permits them to concentrate on planning … all of which result in higher consumer outcomes and facilitating their progress faster than what they’d in any other case.”
Matrisian famous {that a} pipeline for second-generation advisors is a vital space, partly as a result of excessive valuations for RIAs have made it troublesome for some second-generation advisors to purchase into possession at corporations.
Concerning acquisitions, he stated SEIA will have a look at corporations within the $500 million to $5 billion vary. New geographic areas might be a precedence, in addition to corporations that SEIA sees the potential to assist them improve their natural progress.
“We wish them to have supported independence,” he stated.
With the management strikes, Holmes stated that SEIA has constructed a “cohesive integration group” for the agency’s acquisition exercise. He predicted “a number of offers earlier than the top of the 12 months.”
Holmes additionally talked about the wildfires in SEIA’s residence state of California, noting the agency had donated $250,000 to reduction efforts.