Travis Alexander, a Long Beach, Calif.-based financial advisor, has departed Raymond James Financial Services to launch his own registered investment advisor, Crux Wealth Advisors, starting with $1 billion in client assets.
Alexander previously ran one of the top 10 branches within Raymond James’ independent contractor unit based on trailing 12-month revenue. He grew that firm from about $70 million in AUM in 2016 to $3 billion when he left on Aug. 2. He’s bringing over client assets in multiple phases.
“We’re embarking into what I would call phase two of our business. During phase one, we had to establish proof of concept and scale,” Alexander said in a statement. “Ultimately, this allowed us to evolve into phase two where we can truly innovate and optimize the firm without bureaucratic constraints or influences that are out of alignment with our values and vision.”
Crux plans to ramp up its recruiting efforts and will pursue tuck-ins and breakaway advisors.
The firm has chosen Arete Wealth, a Chicago-based broker/dealer and investment advisory firm, as its accommodating b/d and insurance agency. It will use BNY Pershing for custody.
Last month, Arete announced it entered a new long-term clearing and custody agreement with Pershing.
New York-based Decerno Advisors advised Crux in the transition process.