WealthSource acquires SurePath to achieve national brand status


WealthSource, a $ 1.5 billion AUM RIA in San Luis Obispo, California, announced that it will acquire SurePath, an Austin, Texas-based registered investment advisor, co-founded by brothers Patrick and Jeff Brewer has been. This emerges from an announcement made on Wednesday.

Financial details of the transaction were not disclosed. SurePath will be integrated with WealthSource’s RIA, known as WealthSource Partners. The acquisition adds $ 66 million under management and nearly 400 customers to WealthSource.

While the company is small, Patrick Brewer is also the founder of Model FA, a marketing and performance coaching program for financial advisors. WealthSourceThe intent is to get Brewer and his team to expand WealthSources Marketing and business consultancy efforts for other consultants in his network and building consumer-centric marketing to attract customers.

“Ultimately, large asset managers are marketing agencies. When you look at Edelman [and] Fisher Investments, [that’s] all it is. We have built the same infrastructure, so to speak, and our goal is to expand the unique assets and personalities of our consultants so that they can build influence and ultimately attract customers to the company, ”said Patrick Brewer.

Patrick Brewer will assume the role of President and Chief Marketing Officer and form an in-house marketing team. Jeff Brewer will join as Director of Advisor Partnerships and Jason Mirabella will take on the role of Chief Platform Officer.

The executive team will be focused on helping consultants apply the practice management methodology developed by SurePath and will only need the financial support and human capital to scale them successfully, said Patrick Brewer.

WealthSource executives said the intent is to build a marketing platform that will allow advisors to find more clients across the country.

“We are looking for business-minded, growth-minded, and tech-savvy consultants who want a fresh start to expand their practice,” said Bryan Sullivan, CEO of WealthSource, in a statement.

According to Brewer, WealthSource sees itself in the same light as United Capital, an RIA aggregator that was acquired by Goldman Sachs in 2019. However, the California RIA says it would regulate areas where United Capital has been less successful, such as marketing to consumers and providing a consistent practice management methodology for advisors to follow.

“They never invested in the organic growth component again, and their practice management wasn’t a mandate: each company had its own processes and procedures and it never really resulted in operational efficiency,” he said. “We’re close to what United Capital has done, but we’re improving this model so that advisors actually get what they came for.”

Industry watchers say more and more RIAs understand the need for dedicated marketing and practice management teams at the core of their business and are increasingly using platforms and third-party vendors to obtain them, much like how aggregators have offered consultants in the past. Office support around functions such as office space, payroll and trade.

Suzanne Siracuse, CEO of industry consultancy Suzanne Siracuse Consulting Services, said COVID-19 held limited face-to-face meetings and prompted consultants to re-evaluate their consumer marketing strategies.

“In my experience, most consultants do not want to spend their time trying to figure out what works because there is a lot of trial and error,” said Siracuse. “They prefer to concentrate on advising their customers. So it seems like a wonderful idea to take this critical growth element off your plate and provide turnkey solutions for you. “

Patrick Brewer, who founded SurePath in 2016, said he did not want to sell the company. He met WealthSource clients at an FA Model event, found they were aligned with the vision, and held discussions for a year before agreeing to an acquisition.

“I firmly believe that over time, people will see the benefit of working together rather than trying to build everything themselves,” said Patrick Brewer.


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