Russell Diachok, who co-founded Denver-based independent broker/dealer Geneos Wealth Management with his father in 2002, has retired from his role as chief executive of the firm, which has more than 280 advisors and revenues of $130 million. Diachok’s nephew, Ryan Diachok, current president of Geneos, has taken over the CEO duties.
The succession was executed via an internal buyout. Geneos’ holding company will purchase a portion of Russell’s shares and retire them. He keeps some stock in the company and a seat on the board of directors. The firm will introduce an annual share buyback program next year. Geneos is privately held, one of a few remaining in the broker/dealer world.
As part of the change, Chief Compliance and Operations Officer Jodee Brubaker-Rager has been promoted to president, while Dean Rager will serve as chief operating officer. He also remains president of Gentech, Axiom Advisory Solutions and Portfolio Design Advisors.
"In an industry that has been overtaken by private equity and M&A activity, this transaction and restructure sends a loud and clear message that we are not for sale," Ryan Diachok said in a statement.
Russell Diachok has been in the wealth management business for several decades. Prior to co-founding Geneos, he was with Multi-Financial Securities, a broker/dealer that was acquired by ING in 1998. That firm is now part of Cetera.