Saying he “wants to shape the future” of the advisor industry, Ron Carson, CEO of the advisory firm Carson Wealth Management and founder of Peak Advisor Alliance, announced today the formation of Carson Institutional Advisory (CIA), an “alliance” of “growth-minded advisors.” Members will receive access to Carson Wealth’s research and five model investment portfolios, a co-branded iPad app for advisors to use with clients, and marketing assistance, including lead generation.
While Carson (left) said in an interview Friday that CIA has already formed partnerships with TD Ameritrade Institutional, Envestnet and LPL Financial—CIA prefers that its advisors work with those firms—he said they could also work with other custodians.
Designed for “growth-minded advisors,” particularly hybrid advisors, CIA is meant to help advisory firm owners “unload tremendous expense off their middle and front offices.” The advisors maintain their own client relationships, firm names and own RIAs, should they so choose.
Moreover, Carson says that with no upfront costs and without a “long-term commitment” from those firms, allying themselves with CIA will be “cash-flow positive”—even considering that CIA will take an ongoing basis point cut on the firms’ managed assets.
“We’re cutting 100 bps” off their investment management costs, Carson estimates.