RFG Advisory, the Birmingham, Ala.-based hybrid RIA platform with about $5 billion in client assets, has named Shannon Spotswood, its current president, as its new CEO. Spotswood succeeds Bobby White, who has led the firm since its inception in 2003.
Effective immediately, White will move into an executive chairman role.
“In this capacity, he will continue to provide guidance and insight, ensuring that the company's vision and values are maintained as we move forward,” the company said in a statement. “Bobby White, the visionary founder of RFG, built the company from the ground up. His willingness to embrace change has been essential as we have reinvented ourselves through digital transformation and innovation. Bobby's leadership has laid a strong foundation for the company and his impact will continue to be felt.”
RFG Chief Investment Officer Rick Wedell will take over as president of RFG while retaining his CIO duties.
Spotswood joined RFG in 2015 and became president in February 2016. She has led the firm's day-to-day operations for the past nine years. Prior to joining RFG, she was a portfolio manager and director of long-only equity strategies for Symphony Asset Management, a hedge fund based in San Francisco. Before that, she was an investment banker with Volpe Brown Whelan & Co.
Last year, Spotswood helped the firm attract the first foreign investor when it sold a majority stake to Long Ridge Equity Partners, a private equity firm that previously backed Carson Group, previously selling its stake to Bain Capital in 2021.
in March, RFG employed Abby Salameh, CAIS' former chief marketing officer, as chief growth officer. The firm also added Brendan Frazier, founder of Wired Planning, as the new chief behavioral officer and Kenneth Kim, who previously led corporate development and strategy for FNZ's North American region, as chief financial officer.
White is the latest founder and CEO of the industry to leave. Others who have stepped aside in recent years include Randy Long of SageView Advisory Group, Pat McClain of Allworth and Scott HansonLarry Raffone of Edelman Financial Engines and Carson Group Ron Carson.