SageView Advisory Group, a California-based registered investment advisory firm claiming some $170 billion in retirement plan assets and $4 billion more under its wealth management business, announced this week that founder and CEO Randy Long will be stepping into a new role as chairman at the firm.
At the same time, effective Sept. 1, former SVB Private President John Longley will take Long’s place as CEO and lead SageView as it continues to expand its wealth management business. The firm’s current chairman, Barnaby Grist, will continue to serve on the board of directors, according to reporting from Citywire RIA.
In a statement released Monday, Longley said he chose to join the firm for three reasons: its partnership with private equity firm Aquiline Capital Partners; the firm’s position as one of the nation’s largest retirement plan advisors; and the potential for scale on the wealth management side, “by building the bridges to connect the platform, tools, and people across our retirement plan advisory and wealth management businesses."
Founded in 1989, SageView advised on around $119 billion in assets when Aquiline bought a controlling interest in late 2020. At more than $174 billion in cumulative assets, the firm has already surpassed three-year goals following nine subsequent acquisitions—including around $3.5 billion in wealth management assets—and continued organic growth.
“By bringing John aboard while transitioning to the role of chairman of the board, I will be able to fully focus on strategy setting and growth planning for SageView over the long term, while partnering closely with John to ensure that our future success honors all that we have accomplished until now," Long said.
Longley joins SageView from SVB Private, where he spent a little more than two years following its acquisition of Boston Private, where he was president of the western region. At SVB Private, he headed up the bank, wealth and trust unit before moving into the role of president. He was there through the collapse of parent company Silicon Valley Bank, which commanded headlines this spring.
Prior to joining Boston Private in 2019, Longley co-founded and led digital financial advice platform Dobot before its acquisition by Fifth Third Bank, spent time as the head of private wealth for BlackRock, and served as CEO for Citigroup Private. He also dabbled in boutique winemaking for a couple of years.
"This is the ideal time for me to join SageView as CEO and continue the firm's tremendous success,” Longley said. “I am confident of our ability to accelerate growth as we launch the next phase of our long-term vision.”