Joe Duran has plans to launch a new RIA firm, Rise Growth Partners, for which its website is live.
The firm will take minority stakes in RIAs with between $1 billion and $5 billion in assets under management, and help them scale platforms to AUM between $10 billion or more.
“There’s a segment of advisers that are being completely ignored, which are advisers who have got 10–15 years of runway left, who have a lot of upside left, who need help building a scalable business in both the way they practice and business management, how they’re setting up their enterprise platform and lastly how they’re structured for growth — both organic and inorganic,” Duran said in an interview with WealthManagement.com. “We can help that next wave of advisory firms be competitive and national and then be able to do that without giving up all of their upside to their buyers.”
Duran founded United Capital Financial Partners. He sold it to Goldman Sachs in 2019 for $750 million in cash. Recently, Goldman Sachs sold United Capital to Creative Planning in August. The financial terms were not disclosed. The deal is expected to close during the fourth quarter 2023.