Shortly after appointing former LPL Financial Divisional President Andy Kalbaugh to the role of President, The Wealth Consulting Group (WCG) announced the creation of a non-fiduciary Advisory Board to help guide the firm’s strategic growth initiatives.
Comprised of wealth management industry executives, the inaugural members of the Advisory Board are Stuart DePina, former President of Envestnet; Jason Ehrlich, former Managing Director and Head of Investments at Emigrant Partners; Paul Kim, CEO and Co-Founder of Simplify Asset Management and Kalbaugh. In a statement, the firm added that the Board will continue to expand “on a highly selective basis.”
“I’m honored to have such a distinguished group of industry veterans agree to join our Advisory Board,” said Jimmy Lee, Founder and CEO of WCG. “Each is a respected executive, thought leader and influencer in different areas of our industry. We will draw on their insights, hard-won expertise, and unique perspectives to guide our efforts in creating a platform that prioritizes advisor independence, supports seamless business transitions and puts client relationships at the center of everything.”
According to the firm, the Board will consult on traditional organic and M&A growth opportunities, as well as helping advisors find additional expansion avenues through improved management of the succession and monetization process.
DePina said, “I couldn’t be more excited and honored to participate on the Advisory Board and look forward to working with my fellow Board members and the executive team as we focus on further enabling The Wealth Consulting Group’s advisors to achieve greater success while enhancing their value proposition in the markets they serve.”
Ehrlich noted that, “At a time when mid-size firms are struggling to achieve the scale to succeed in a consolidating marketplace, The Wealth Consulting Group is well-positioned to provide the tools, technology, and support that advisors need to deliver the best outcomes for their clients.”
Kim said, “The firm consistently ranks among the best financial advisors due to a simple formula – the sophistication and customization of an institutional CFO, but at the cost and accessibility of a successful, client-centric wealth manager. I look forward to working with Jimmy Lee and the Board to help advance WCG’s mission.”
WCG has grown from 30 advisors and $800 million in assets under administration since its inception in 2014 to 123 advisors across 43 branch offices, with $8.8 billion in client assets, as of May 31. An LPL affiliate, the firm focuses on growth through acquisitions and the recruitment of independent financial advisor businesses.
James Miller, Contributing Editor and Research Analyst at Wealth Solutions Report, can be reached at ContributingEd@wealthsolutionsreport.com.
