Travis Alexander, a financial advisor based in Long Beach, Calif., has left Raymond James Financial Services to launch his own registered investment advisor, Crux Wealth Advisors, starting with $1 billion in client assets.
Alexander 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.
“We're entering what I would call the second phase of our business. During the first phase, we had to create proofs of concept and scale,” Alexander said in a statement. “Ultimately, this allowed us to evolve into the second phase, where we can truly innovate and optimize the firm without bureaucratic constraints or impacts that are out of alignment with our values and vision.”
Crux plans to increase its recruiting efforts and will pursue recruiting and breakaway advisors.
The firm has selected Arete Wealth, a broker/dealer and investment advisory firm based in Chicago, as the host agency for b/d and insurance. It will use BNY Pershing for custody.
Last month, Arete announced it had entered into a new long-term clearing and custody agreement with Pershing.
New York-based Decerno Advisors advised Crux on the transition process.