With niche HNW focus, Arkadios lures $2M team from ex-IBD
Triad Advisors lost its third team in two months to an upstart independent broker-dealer started by one of its former practices.
Foresight Financial Partners is the fourth team this year to join the IBD founded in 2016 by David Millican and affiliated with the onetime largest RIA practice at the Ladenburg Thalmann IBD, ACG Wealth. Arkadios focuses on serving large-producer practices with high-net-worth clients.
The Wall Township, New Jersey-based team includes five advisors managing $180 million in client assets and producing about $2 million in annual revenue, according to Arkadios. Financial advisors Alan and Rich Berger, Ron York, Janet Sherry and Susan Rymer joined Arkadios on April 30, FINRA BrokerCheck shows.
In a statement, Foresight Senior Partner Alan Berger praised Arkadios as “the best platform for our continued success, both for our partners and our clients.” He added that Millican’s firm “is tailor-made for growth from the advisor’s perspective. That is critical, and it is unique.”
Representatives for Triad Advisors declined to comment on the team’s departure. In March, Proximity Financial Partners and KG Wealth Management both departed from the firm to join Arkadios, bringing with them around $100 million and $80 million in client assets, respectively.
Foresight has doubled in size over the last five years, and together the advisors have a combined 141 years of experience in the industry, according to the firm. Prior to their five-year tenure with Triad, each team member had worked for New England Securities.
Foresight was founded over forty years ago, and provides planning, investment and insurance advice for its clients. It specializes in complex investment solutions like business succession, estate and legacy planning and investment and risk management.
Arkadios is “humbled they are entrusting us to help them keep their momentum going,” Millican said in a statement. “When I started this firm, the independent advisor was top of mind, and we appreciate their diligence and ultimately their decision to move to our dynamic and growing platform.”
With this addition, Arkadios has expanded to over 60 advisors and manages more than $2.9 billion in client assets. About half of the firm’s advisors use their own RIA, though Foresight is operating through Arkadios’ corporate RIA. The Atlanta-based company generated some $13 million in revenue in 2018, more than tripling its total amount from the previous year.