Kestra Financial, the flagship financial services division of Kestra Holdings, announced today that The Society for Lifetime Planning will join the wealth management platform on an independent contractor basis following a year of atypical growth for the Troy, Mich.-based firm.
Established in 1985, The Society is led by Managing Director Larry Slabotsky and Executive Vice President Ken Morris. Nine planners on staff collectively oversee more than $600 million in assets under management for nearly 2,000 clients throughout Michigan. The firm “prides itself on its comprehensive and customizable service offering including financial planning, investment management, retirement planning, asset preservation, generational giving, income strategies and college funding as well as non-financial retirement guidance,” according to the announcement.
“2021 marked the strongest year in the firm’s history with over $100 million in new business, more than double the growth of a typical year,” stated Slabotsky. “With Kestra Financial in our corner, we are confident we will continue on this growth trajectory, surpassing our business goals and strengthening our client service offering.”
“We're having a terrific recruiting year,” said Daniel Schwamb, Kestra’s executive vice president of business development. “In both our Kestra Financial model and then into Kestra Private Wealth Services, which we call our full-service independence, where advisors that are leaving employee models can find a middle ground between being fully independent and owning their own business and branding. We provide more infrastructure and they find it easier to leave. In both of those channels, we’re experiencing robust growth and on track to have one of our best, if not our best, year ever.”
In 2022, Kestra Financial and Kestra Private Wealth Services have added more than 50 financial professionals and more than $4 billion in new assets. The company also launched Kestra Investment Management to provide portfolio management services through its various companies. Headquartered in Austin, Kestra Financial currently supports more than 1,800 independent financial professionals overseeing $114 billion in assets under management and advisement.
Parent company Kestra Holdings, a self-described “ecosystem of financial firms,” comprises 2,400 financial professionals managing $60 billion and advising on $146 billion more. This fall, Oak Hill Capital took a minority investment in the firm, which remains majority-owned by Warburg Pincus. In addition to Kestra Financial (which includes the Kestra-branded broker/dealer, investment advisors and independent wealth management platform) and KPWS, Kestra Holdings comprises four other divisions, including a succession-focused RIA, boutique broker-dealer, trust company and investment management arm.