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Ron Carson
Ron Carson

Carson Group Adjusts AUM Expectation for 2018 to $10 Billion

The RIA expects it will be managing $10 billion by the end of 2018, up from $9 billion it anticipated at the end of its second quarter.

Carson Group Partners has adjusted its expected assets under management by year-end to $10 billion, up from some $9 billion it was anticipating just a few months ago.

In a third quarter performance report, the private company said another 12 wealth management firms advising on $1.2 billion had partnered with it from July through September. The firm didn’t share the total assets expected to come with those new partners, who trade equity in their firm to take on the Carson Group name and gain access to the registered investment advisor’s services. 

But they represent a continuation of the RIA’s blazing growth. A spokesperson said Carson Group, which currently manages $7.2 billion, now expects to have $10 billion in AUM before 2019 once assets committed to the firm are realized. Carson Group said in January it expected to add more than $3 billion in net new assets in all of 2018; it added $2 billion in the first quarter alone.

Much of the growth can be attributed to a couple groups managing significantly more than others. Carson Group added $613 million in AUM in the second quarter of 2018, but the majority came from the addition of Ruggie Wealth, a Florida-based RIA with $577 million AUM. In the third quarter, it acquired Cornerstone Wealth Management Group, which advises on $775 million in assets, the company said.

Advisors that have committed but not officially joined could back out, but a spokeswoman said in July that would be “highly unlikely and quite arduous at this stage in proceedings.” Stipulations related to either Carson Group or the partnering firms backing out of a deal are specific to each agreement, the spokeswoman said.

Carson Coaching Group, the coaching and resource program company owned by Carson Group, also added 89 advisory firms, bringing the total number of firm participants to 1,282. 

 

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