RFG Advisory attracted an Edward Jones advisor with more than $100 million in managed assets to launch Crescent Private Wealth, an RFG-affiliated firm.
Ahmad Quqa is joining RFG after more than 20 years in the industry and seven years at Edward Jones, according to SEC records. Quqa works with business owners and high-net-worth individuals and is based in Cary, N.C.
He’ll join RFG to launch Crescent along with client service associates Mona Amiri, Heidi Moreno and Ibraheem Amin, all of whom have worked with Quqa for years. In a statement about the deal, Quqa said it balanced the “unparalleled support” offered by RFG with Quqa’s desire for independence.
“Having diligently listened to the wants and needs of our clients over the years, we’ve been eager to implement a more client-centric approach that delivers personalized advice enabled by cutting-edge technology solutions,” he said.
The Birmingham, Ala.-based RFG Advisory is a hybrid RIA platform with approximately $5 billion in managed assets and about 100 advisors. In March, the firm hired former CAIS Chief Marketing Officer Abby Salameh as chief growth officer (she won CMO Of The Year at the 2023 WealthManagement.com Industry Awards).
RFG also hired Wired Planning Founder Brendan Frazier as chief behavioral officer and Kenneth Kim as chief financial officer. Kim previously led corporate development and strategy with FNZ’s North America region. According to RFG President Shannon Spotswood, all the positions were new to the firm.
Last year, RFG sold a majority stake in the firm to the private equity firm Long Ridge Equity Partners. The firm had been management-owned since CEO Bobby White founded the firm in 2003, and the Long Ridge deal marked the first time the firm brought in outside capital. Long Ridge previously backed Carson Group before selling its stake in that firm to Bain Capital in 2021.
According to Spotswood, most of the PE capital would be invested in the company, including acquiring new talent in investment management, tech, branding and marketing, among other categories. White said RFG Advisory would consider mergers and acquisitions if the right situation arose, but it was not a top priority for the firm.
RFG’s executives also plan to use the Long Ridge investment to fund an equity ownership program for new and existing employees, structured as an equity swap. For advisors who opt in, RFG would take a small ownership stake in their practice (as well as a cash payment) in exchange for a small share of the company.