Independent RIA firm SageView Advisory Group on Aug. 14 announced the commencement of the next phase of its growth vision with a focus on driving expansion in wealth management.
According to the firm’s announcement, Randy Long, who founded SageView in 1989, has been appointed to the role of Chairman of the Board, while John Longley has been named CEO.
These new appointments—which will be effective Sept. 1, 2023—are expected to further fuel SageView's ongoing expansion in wealth management, while reinforcing the firm's leadership position in the retirement plan advisory space, the firm notes.
To that end, central to SageView's value proposition is the firm's ability to seamlessly connect its platforms, professionals and solutions across its retirement plan advisory business—which advises on more than 2,100 defined contribution, defined benefit and deferred compensation retirement plans, representing approximately 1.7 million participants with $170 billion in assets. The firm also provides wealth management and financial planning services with its wealth management business, overseeing $4 billion in client assets.
Growth and Expansion
As Chairman, Long will focus on setting strategy and growth planning. In 2020, Long had invited private investment firm Aquiline Capital Partners to partner with SageView. Long notes that, with Aquiline's support, his team has exceeded the firm's growth goals under its current three-year plan, successfully expanding via organic growth efforts and acquisition.
“Building on our success to date, we believe this is the perfect moment for us to enhance our leadership team with the addition of John Longley, a widely respected private wealth leader, as our new CEO,” Long stated. “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," he added.
Longley most recently served as President of SVB Private, a division of First Citizens Bank & Trust Co. He held that leadership role after being promoted from head of SVB Private's Private Bank, Wealth and Trust unit. His previous roles include President, Western Region of Boston Private, which he joined in 2019. He co-founded and served as CEO of Dobot, a digital financial advisory platform, which was acquired by Fifth Third Bank. Earlier in his career, he served as the Head of Private Wealth BlackRock/iShares and CEO of Citi Private Bank N.A. at Citigroup.
“This is the ideal time for me to join SageView as CEO and continue the firm's tremendous success experienced under Randy's leadership,” stated Longley. “I am confident of our ability to accelerate growth as we launch the next phase of our long-term vision.”
Longley further noted that, in the course of exploring future opportunities, SageView stood out in three areas, including its partnership with Aquiline; its leadership in the retirement plan advisory business; and its ability to scale in wealth management. “I look forward to working closely with Jon Upham, SageView President and Head of Retirement, to build upon this success,” added Longley.
Organic and M&A-Driven Growth
SageView notes that it has acquired nine firms since its partnership with Aquiline Capital Partners was formed in 2020. These acquisitions include MJM401k of Arizona and Southern California; Bloomfield Hills Financial of Michigan, California, Colorado, Massachusetts and Texas; Channel Financial of Minnesota; kPlans Investment Services Inc. of California; Lakeview Wealth Management of Illinois; the advisors and assets of Capital One Investing based in New York, Florida, Tennessee, Maryland, Oklahoma, Virginia and Texas; Summit Financial Consultants of California; and the founding team from RBG in California.