Rise Growth Partners, RIA investment company launched by former United Capital CEO Joe Duranhas hired Stacy Coffey, a former senior vice president of wealth strategies at Wealth Enhancement Group, as managing director and head of advisory partnerships, the firm confirmed.
Coffey began her career at Schwab and was senior managing director of financial strategy and planning when she left the firm in 2019. Most recently, she was at the RIA Wealth Enhancement Group platform, where she helped advisor teams bring financial planning, tax , estate planning, 401(k) and insurance offerings to their clients.
In both firms, she worked with him Terry Kallsen, who was appointed to Rise Growth in October as managing partner and head of the operating partnership team. Coffey will report to Kallsen and help him work with the partner firms in which Rise Growth invests.
The team will provide each RIA with an “enterprise risk assessment,” a report that identifies gaps in their business and measures them in three key areas: business management, which includes the service model, leadership and how the RIA tracks and measures results; enterprise platform, meaning the technology used for clients and advisors and the back office; and growth strategy – both organic and inorganic.
“The operating partnership team is truly an expert guide helping the firms we invest in do just that,” said Darius Mirshahzadeh, executive managing partner at Rise Growth. “(Stacy) has a track record of really helping advisors create great businesses and great client experiences.”
Duran has been building his management team over the past few months. In addition to Kallsen and Coffey, he also hired Will Armentaa co-founder of Opto Investments earlier this year as managing director, who is working alongside Brian Shenson, managing partner and COO, to help firms fill gaps in their existing technology and operating platforms.
Last September, Duran, who sold his company, United Capital, to Goldman Sachs in 2019, revealed details about his new venture. Rise Growth will acquire approximately 30% stake in next-generation RIAs with between $1 billion and $7 billion in AUM. In return, it will provide capital and growth resources to help them become national RIA platforms with $10 billion or more in assets.
In February, the firm said it had raised $250 million in funding from its management team and Charlesbank Capital Partners, the middle-market private equity firm that also backs Lido Advisors. Charlesbank will take a majority stake in the new company.