Spire Investment Partners Creates Its Own Broker Dealer Operation
Spire Investment Partners, LLC., (formerly Legacy Advisors, LLC), a nationally recognized Registered Investment Advisor (RIA) has created its own Broker/Dealer (B/D). Operating with 13 consulting teams working in six offices from Virginia to Colorado, Spire manages $1.2 billion in assets for high net worth individuals. Some of the Spire consultants also advise institutional clients. This move is expected to double the size of Spire IP in 2008.
Spire's client-centric philosophy
"In keeping with our client-centric philosophy, we are organized and dominated by the investment advisory portion of our business," says David Blisk, who founded Legacy Advisors in 1997. "Passing the $1 billion mark in assets under management, however, we realized it was time to become our own broker/dealer, rather than outsourcing this function as we have in the past. "We chose the name Spire to represent a structure that offers a 360-degree view."
"As a hybrid firm, that is, an RIA with a broker/dealer attached, we can offer a wider range of investment solutions and a wider range of fee alternatives than is typically available in the brokerage-only or fee-only environment and we have the flexibility to price these solutions either as fees or as commissions, based on our clients' preference," Blisk adds.
Also, as a hybrid firm, Spire offers a "plus" to the financial consultants affiliated with them consultants can concentrate on client service activities and Spire takes care of the administrative tasks. These administrative tasks include a range of practice management, marketing, staffing, technology and client management services to help consultants better serve their clients and more efficiently manage and grow their business.
Wealth Manager Magazine has ranked the firm as one of its top financial advisory firms four consecutive years from 2004 through 2007.
Expanding Recruiting Opportunities
"We recognized 11 years ago that fee-based pricing would one day dominate the industry," says National Sales Director Paul Murphy, who is charged with Spire's expansion and recruiting." We built a robust RIA platform, which enabled our advisors to have wide latitude in managing their client relationships. Our hybrid structure will allow our consultants to provide more comprehensive advice and investment opportunities, gather more assets under management and expect increased gross revenue."
Spire offers industry competitive payouts (90-95%) as well as Spire equity participation. The firm expects to add 25 to 50 new consultants to its existing crew of 20 advisors.
About Spire IP
The Spire management team combines extensive wirehouse and Independent RIA experience with vast business acumen. David Blisk, Principal, has over 21 years of combined experience as a wirehouse broker and an independent consultant. Larry Gaffey, CPA, Principal and CEO, has 25 years of experience counseling hundreds of firms on management and growth issues, as well as 15 years of experience in the independent advisory business. Senior Vice President Phillip Fournier has 17 years of combined wirehouse and independent consultant experience in operations and sales management; he serves as a consultant on several large financial planning teams. National Sales Director Paul Murphy came to Spire with 14 years as a wirehouse Financial Consultant and Branch Manager. Vice President Sue McKeown leads the compliance/operations effort, having established and managed two B/D's prior to joining Spire.
Spire Investment Partners, LLC, serves as the umbrella organization for Spire Securities, LLC, a broker/dealer registered with the Financial Industry Regulatory Authority (FINRA), and Spire Wealth Management, LLC, an RIA registered with the Securities and Exchange Commission.
