Rise Growth Partners, the RIA platform led by Joe Duran, announced Wednesday its third strategic minority investment, backing Krilogy, a St. Louis-based RIA firm managing more than $4 billion in client assets.
Duran said in a statement announcing the deal that Krilogy is “uniquely positioned” to support advisors approaching the next or final chapter of their careers who want to transition their work and preserve their legacy.
“Exceptional firms aren’t built on metrics alone,” Duran said. “They’re built on values, people and a vision for the future. We believe Krilogy is uniquely positioned … [with] a model we can scale nationally to help advisors thrive and clients benefit for decades to come.”
The news comes about eight months after Rise announced its second minority investment in Grimes and Co., a family-owned and -operated wealth management firm that managed nearly $6 billion at the time, and more than a year after its first deal with Bleakley Financial Group, which then managed nearly $10 billion. Bleakley has since rebranded as OnePoint BFG Wealth Partners.
Speaking previously with ThinkAdvisor, Duran said that Rise’s strategy is about being the “ultimate growth partner” for growth-oriented middle-market RIA firms that have what it takes to go national. It favors a minority investment strategy as an increasingly attractive alternative to the emerging presence of private equity and national strategic consolidators.
Addressing the new deal, Krilogy's founder and CEO, Kent Skornia, said that the 85-person firm will remain dedicated to coaching and developing advisors and fostering collaboration among specialists, while pairing younger talent with experienced professionals to ensure a deep bench of future leaders. He also said that the firm will maintain its guiding principle of “the art of accomplishment.”
“To us, the art of accomplishment means giving relentless effort to achieve client goals, solving challenges with practical solutions and seizing opportunities to act in their best interests,” Kent said. “This partnership with Rise reflects that same philosophy — seizing an opportunity to strengthen our firm so we can serve clients even better, today and for generations to come.”
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