Eight advisors have left AXA Equitable Advisors after 20-plus years to launch their own independent RIA, Octavia Wealth Advisors. While at AXA, the team managed $1.6 billion in AUM and serviced 4,800 clients.
The Cincinnatti-based firm includes partners Mark Bodnar, Donald Hughett, Michael Ingram, Maxim Meyers, Andrew Seni, Justin Setzekorn, Luis Strohmeier and Marc Wagner and 35 employees, managing $151 million in assets, according to its latest Form ADV. The RIA, with offices in Los Angeles, San Diego and Miami, will offer commission-based services through Purshe Kaplan Sterling (PKS) Investments.
“We looked at this transition through the lens of how we could best serve the increasingly diverse set of needs our clients have," said Luis Strohmeier, partner and wealth advisor at Octavia. "Our partnership team is committed to independence and operating as an RIA firm will enable us to be the best stewards of our clients’ financial lives.”
Merchant Investment Management, a private partnership operating company with a growing number of advisor clients, took a minority stake in the firm for an undisclosed amount and facilitated the team’s transition. Merchant said in a statement that it will work with the firm to build out and modernize its practice management.
The firm expects to have a quicker response to their clients needs with more technology resources and more flexibility with investment options, according to a company statement.
