RFG Advisory attracted an Edward Jones advisor with more than $100 million in assets under management to launch Crescent Private Wealth, a firm affiliated with RFG.
Ahmad Quqa is joining RFG after more than 20 years in the industry and seven years at Edward Jones, according to SEC data. Quqa works with business owners and high net worth individuals and is based in Cary, NC
He will join RFG to launch Crescent alongside client service associates Mona Amiri, Heidi Moreno and Ibraheem Amin, all of whom have worked with Quqa for years. In a statement about the deal, Quqa said it balanced the “unparalleled support” provided by RFG with Quqa's desire for independence.
“Having diligently listened to the wants and needs of our clients over the years, we have been keen to implement a more client-centric approach that provides personalized advice enabled by cutting-edge technology solutions,” he said.
Birmingham, Ala.-based RFG Advisory. is a hybrid RIA platform with approximately $5 billion in assets under management and approximately 100 advisors. in March, the firm employed former CAIS Marketing Officer Abby Salameh as chief growth officer (she won CMO of the Year in 2023 WealthManagement.com Industry Prices).
RFG also hired Wired Planning founder Brendan Frazier as chief behavioral officer and Kenneth Kim as chief financial officer. Kim previously led corporate development and strategy with FNZ's North American region. According to RFG president Shannon Spotswood, all of the positions were new to the firm.
Last year, RFG sold most of the firm's shares to private equity firm Long Ridge Equity Partners. The firm had been management-owned since CEO Bobby White founded the firm in 2003, and the Long Ridge deal marked the first time the firm brought in outside capital. Long Ridge previously backed Carson Group before selling its stake in that firm to Bain Capital in 2021.
According to Spotswood, most of the PE capital would be invested in the company, including acquiring new talent in investment management, technology, branding and marketing, among other categories. White said RFG Advisory would consider mergers and acquisitions if the right situation arose, but that was not a top priority for the firm.
RFG executives also plan to use Long Ridge's investment to fund an equity ownership program for new and existing employees, structured as an equity exchange. For advisors who opt in, RFG would receive a small ownership stake in their practice (as well as a cash payment) in exchange for a small share of the company.