Beacon Pointe Advisors Adds Ellevest Advisor Allison Kvikstad
Beacon Pointe Advisors, a $40 billion Newport Beach, Calif.-based registered investment advisor, has hired former Ellevest advisor Allison Kvikstad as a partner and managing director.
Kvikstad leaves a role she held for over six years as senior private wealth advisor at Ellevest. Before that, she was a senior vice president and investment manager with Wells Fargo.
Kvikstad specializes in managing wealth for high-net-worth women, families and private foundations and will participate in Beacon Pointe’s Women’s Advisory Institute, which seeks to foster financial education and independence for women.
She also joins what Beacon Pointe called the “largest female-led RIA in the nation,” including a group of women managing directors and advisors. Valerie Marquez, an associate wealth advisor, will make the move with Kvikstad.
This February, Ellevest CEO and founder Sallie Krawcheck stepped down due to an undisclosed medical diagnosis. The firm is now co-led by CIO Sylvia Kwan and COO and CFO Connie Hsiung.
Caprock Group Hires Goldman Sachs Private Wealth Advisor
The family office and RIA Caprock Group hired David Solow as a managing director from his position as a private wealth advisor at Goldman Sachs.
Solow joins the Boise, Idaho-based Caprock after co-leading a team at Goldman that oversaw $5 billion in client assets. He will be based in Caprock’s Chicago office and act as lead advisor for clients in the sports and entertainment industries and ultra-high-net-worth families.
“We are excited to welcome David to Caprock. His knowledge and experience in working with CEOs, entertainers, athletes, private-equity principals and high-end attorneys will further enhance Caprock’s services,” Caprock co-CEO Bill Gilbert said in a statement.
In a statement with the news, Solow said that joining Caprock would give him the “opportunity and responsibility to act as a fiduciary to represent my clients’ best interests.”
Caprock was founded in 2005 and acts as an outsourced chief investment officer and chief financial officer for 400 wealthy families with more than $12.6 billion in assets under advisement.
Wells Advisor Starts Firm With Raymond James Independent Channel
Raymond James announced this week that Edward Gallie, a Garden City, N.Y.-based advisor, will join its independent advisor channel.
Gallie is starting Gallie Wealth Management after more than 13 years as a Wells Fargo-affiliated advisor, during which time he managed about $195 million in client assets. The new firm will work with business owners, families, individuals nearing or living in retirement and those with sudden wealth.
“I’ve found a home for my practice that offers the scale of one of the largest independent firms in the country combined with the autonomy to manage client accounts as I see fit to serve their best interests,” Gallie said in a statement.
Mariner Tech SVP Leaves to Start RIA Tech Consultancy
Chris Cook, formerly senior vice president of innovation with Mariner Wealth Advisors, has left the firm to launch an RIA tech consultancy.
Cook announced on LinkedIn this week the launch of Obsydian Technologies, which will help RIAs navigate the “complex technology landscape” and give advisors more time to work with clients.
“With thousands of tools out there, it’s easy to get lost in the noise,” Cook wrote. “We aim to streamline this process.”
Cook will remain in Overland Park, Kans., where Mariner is headquartered.
During his nine years at the mega-RIA, Cook led the firm’s digital operations and scaled its technology teams from six to about 65 employees, he wrote on LinkedIn.
On the Obsydian website, advisors can fill out a form to get an AI-powered analysis of their technology stack and “AI implementation opportunities.”