A team of four advisors has departed Sheaff Brock Investment Advisors to create their own registered investment advisor in Indianapolis with support from tru Independence, a $12.5 billion service platform for breakaways and independent advisors. Mindset Wealth Management is run by managing partners Peter Bjelopetrovich, Seth Hickle, James “Louie” Humphries and Mark Vandygriff.
Mindset has joined the Protocol for Broker Recruiting to make it easier to bring clients over from their previous firm, and they’ll custody with Schwab Advisor Services. The firm currently has no assets.
Bjelopetrovich said the four partners started out at Schwab’s customer service center in Indianapolis and eventually all made their way to Sheaff Brock, a local RIA with $1.3 billion in client assets.
He said the RIA doesn’t serve any industry or profession specifically, but they offer a proprietary derivative overlay strategy in separately managed accounts for clients with one low-basis concentrated holding. The strategy can provide additional returns on top of a fully diversified portfolio.
“We see our mindset as our niche, which is also why we wanted to put it in the name,” he said. “We believe in embracing risk instead of eliminating it. A lot of our clients that we’ve talked to along the way—mostly successful business owners or successful individuals that have embraced risk themselves—that message really seems to resonate with them.”
In 2023, tru added six firms representing over $4 billion in assets, including SpirePoint Private Client in October, Seven Mile Advisory in April, Crossover Capital Advisors in May, Gainline Financial Partners and Sykon Capital in June, and 44 North Capital in September.
Now in its 11th year, the Portland, Ore.-based firm expects to continue adding teams in the $750 million to several billion range. While the majority are wirehouse breakaways, roughly 30% of firms on the tru platform came from other large RIA acquirers or were existing firms in need of additional support.