Carson Group is fully acquiring a $1 billion Chicago-based firm, Carson.
By the end of 2024, Carson Wealth Chicago's assets under management had grown to more than $1 billion from $163 million in 2019, largely due to its strategy of M&A deals. Mark McCallum heads the firm, which employs more than 15 advisers in five locations.
CEO Burt White said the Chicago location demonstrated the “radical scale” advisors can find with strong leadership and “an effective growth strategy.”
“Of course, this kind of exponential growth comes with operational challenges in maintaining the level of service customers have come to expect, along with all the resource-intensive demands of running a fast-growing business,” he said in a statement, noting that the Carson Group can step in to support these needs.
The Carson organization includes approximately 50 full-service Carson Wealth locations and more than 150 partner offices nationwide. The firm works with approximately 51,000 client households and manages over $40 billion in assets.
Earlier this month, Carson Group fully acquired another of its independent firms, managing about $1 billion in assets. Carson Wealth Cedar Rapids included locations in Iowa and a second location in Las Vegas. Russ Nieland, a managing director and consultant with 27 years in the industry, led the firm.
The acquisitions come as the company saw some C-suite changes in 2024.
In April, CEO and Board Chairman Ron Carson resigned while retaining majority ownership, with White taking over as CEO. Carson claimed the move was to devote more time to “his family's humanitarian impact.” Envestnet alum Dani Fava took White's former post, while former LPL executive Heather Randolph Carter became the firm's chief marketing officer.
Orion alum Daniel Applegrath joined as chief financial officer to replace Nick Engelbart, who now oversees the firm's M&A strategy.
In December, Aaron's cockroachesa division president at Carson Partners, left the firm to be CEO of Ron Carson's family office. Just a week ago, Carson Group President Teri Shepherd announced that she would be leaving the company, with CEO Burt White saying the firm supported her decision to “focus on her family.”
According to a LinkedIn postCarson legally changed his name this week to Omani, saying it was something that had unfolded over the past decade and was an “amazing and emotional” day.
“Many (have) asked how my new chapter in my life is going and my answer is that it feels like a whole new book,” he wrote.