A father-son team overseeing nearly a billion in assets at UBS has jumped ship to establish an independent practice with help from TruClarity Management Solutions, a consulting firm and service provider for breakaway advisors establishing independent wealth management practices.
Based in Little Rock, Ark., Gutierrez Wealth Advisory specializes in serving high-net-worth clients and retirement plan providers. Co-founders Roy and David Gutierrez previously spent a combined five decades working at UBS, where they managed $330 million in client assets and advised on $625 million in retirement plan assets. On Monday, it remained undisclosed how many of those assets will transfer.
According to the announcement, Gutierrez intends to expand the family practice’s service model with custom solutions developed with the support of TruClarity, which helped with transition planning and developing operations infrastructure. The turnkey platform will continue to provide practice management support for the team.
“We’re so grateful to our friends and partners at TruClarity for helping us make our vision a reality,” said the younger Gutierrez, David. “We’re positioned to expand our wealth management services to families and individuals across Arkansas, providing fiduciary guidance and custom solutions with a human touch.”
Also joining the team are Leighann Arthur, director of client relations, and client relations associate Hillary Canterbury.
Founded in 2015, Tampa-based TruClarity has helped more than a dozen practices successfully break away from the wirehouse sector, said CEO Pamela Stross, utilizing a four-step process that involves branding, structuring, launch and growth. The platform helps to find real estate, select and integrate technology, and connect the nascent firm with the custodian of their choice. The platform also offers ongoing administrative support on a turnkey basis.
“A lot of [breakaway advisors] haven’t really thought about the fact that they now have the ability to brand themselves,” she said. “What’s their message? What do they want to say? And that’s a pretty intensive process to get them to their launch day, where they have their new website, new branding and everything is ready to go.”
TruClarity Management Solutions is also in talks with several established firms simply looking to leverage its turnkey back-office support services.
“We’re really designed for individuals who want to own their own business and craft and create what their practice looks like,” she said. “But I think that the biggest thing is that, regardless of your size, we’re helping to put together something that is really resonating with the advisor and how they want to serve their clients going forward.”
In 2019, the LLC established a separate SEC-registered corporate platform, TruClarity Wealth Advisors, to provide a tuck-in model for breakaway advisors looking to avoid more of the overhead and obligations associated with operating a fully independent RIA practice.