Arete Wealth, a Chicago-based broker/dealer and investment advisory firm, has added Crux Wealth Advisors, a New RIA launched by advisor Travis Alexanderin its network of branches. Alexander's firm will use Arete's proprietary technology group, Outsource Solutions, and its registered representatives will connect with the firm's broker/dealer. They will also have access to Arete's alternative investment and insurance services.

Earlier this month, Long Beach, California-based Alexander announced his departure from Raymond James Financial Services and the creation of Crux, starting with $1 billion in client assets. He previously led one of the top 10 branches within Raymond James' independent contractor unit based on trailing 12-month revenue. He grew that firm from about $70 million in AUM in 2016 to $3 billion when he left on Aug. 2. It is bringing the client's assets in multiple stages.

He has signed a multi-year deal to use Arete Outsource Solutions, the firm's integrated technology and back-office service model, both of which appealed to Alexander.

“The firm also offers unique access to alternative investments, venture capital and private equity programs in addition to traditional financial services, so we are pleased to bring those solutions to Crux Wealth Advisors,” he said in a statement.

Arete Wealth was founded in 2007. The firm has approximately 230 wealth advisors in more than 50 offices across the country.

This follows news in May that Portsmouth Financial Services, a San Francisco-based broker/dealer with more than $800 million in client assets, joined Arete. “Back-in” through the purchase of assets brought about 40 advisers under Arete's care. As part of the deal, Portsmouth ceased its operations as an independent broker/dealer and will operate as an Arete branch office.