Journey Strategic Wealth, a registered investment adviser partnership with almost $4 billion in assets, has acquired a sole practice in Colorado Springs, Colo., and hired a veteran adviser from Charles Schwab.
Financial advisor Jill Isbell has integrated her firm, Creative Financial Services, into Journey. It brings approximately $75 million in assets and establishes Journey's Colorado Springs presence. Office Manager Yenni Chesire joins her.
Journey has also hired Chad Faulkenberry as a financial advisor and managing director. He joins from Charles Schwab, where he managed $750 million in client assets with a focus on high net worth and very high net worth households. He is based in Orlando, Fla., and joins Journey's Richmond, Va. practice, which includes senior advisors Mark Newfield and Angela Lessor and financial planner Melissa Clark.
“Mark Newfield and the Richmond practice have grown over 40% year over year. We're redoubling efforts to help them take things to the next level,” Journey president Penny Phillips said in a statement. “Chad not only brings significant experience as an advisor and leader, but also expands the scope of this practice in a new market.”
Phillips, along with financial advisors and former Dynasty Financial Partners executives Michael Brown and Brian Flynn, founded Travel in January 2021. Since then, they have recruited eight teams of advisors.
Based in Summit, NJ, Journey is structured as a hybrid RIA, affiliated with broker/dealer Purshe Kaplan Sterling Investments. They are looking to assemble teams of advisers, but the firm's principals say they will offer more services than the typical membership platform, particularly with practice management consulting. In addition to onboarding, advisors can also choose to sell all or part of their practice to Journey.
When an advisor joins the firm, they come under Journey's ADV, but still own their book of business if they decide to leave. Journey provides the essential functions advisors need to run their businesses, including operations and billing, human resources and payroll, investment management, financial planning support, technology, home office support and marketing. Advisors who join Journey can keep their administrative staff, associate advisors, and anyone else who is client-facing, and their entire team goes on Journey's payroll.
The firm also recently launched a 1099 model, allowing advisors to operate as independent contractors.