The strategic capital will further RFG’s commitment to fueling the success of its independent advisor community.
BIRMINGHAM, Ala., Aug. 1, 2023 — RFG Advisory, an innovative and fast-growing platform for independent advisors, today announced that it has secured a substantial growth investment from Long Ridge Equity Partners, a private equity firm with significant experience in the financial services technology and wealth management sectors. The firm will continue to operate under its existing leadership team: Founder and CEO Bobby White, President Shannon Spotswood, and Chief Investment Officer Rick Wedell.
With over $4 billion in assets under management and more than 100 advisors located across 15 states nationwide, RFG has built its reputation through a relentless focus on mission, culture, and support for the entrepreneurial aspirations of its independent advisors. The firm will use the capital from this transaction to continue investing in critical areas of the business, including investment management, technology, marketing/branding, and business development, with the ultimate goal of supporting independent advisors with a full suite of best-in-class tools and resources.
“Long Ridge has an outstanding record of successfully partnering with wealth management platforms to build on their inherent strengths,” White said. “We’re excited to bring on new partners as we continue to invest in the business, and, most importantly, our advisors. With the rise of large RIA platforms and aggregators, many advisors are feeling captive to their new firms. We are 100% committed to supporting our advisors’ independence and entrepreneurial goals.”
White founded RFG in 2003, with Spotswood and Wedell joining in 2015 and 2016, respectively. Over the past two decades, the RFG team has proven their commitment to building an RIA of the future, empowering entrepreneurial advisors with the cutting-edge technology, operations, compliance, marketing, back-office support, and coaching required to better serve their clients, grow their businesses, and pursue their own versions of success.
“Our focus has always been equipping independent advisors with the tools and services they need to live their lives with agency and purpose,” Spotswood said. “We believe that the next decade will be transformative for our industry, and we are committed to providing an environment where independent advisors can innovate and thrive.”
“RFG strikes the right balance between offering comprehensive support and maintaining a boutique-firm environment where individual advisors feel valued,” said Long Ridge Managing Partner and Founder Jim Brown. “Through this investment, we are excited to support Bobby, Shannon, Rick and the entire RFG team in scaling the business while staying true to their strong culture and values.”
RFG has been recognized by the industry for their unwavering commitment to independent advisor support. In the past year, the firm was named to USA Today’s list of “Best Financial Advisory Firms 2023,” recognized as a “Best Place to Work for Financial Advisors” and honored by Wealthmanagement.com as the Top Non-Custodial RIA Support Platform in 2022 for its advisor-support initiatives. RFG is also nominated for the Top RIA Support Platform this year. For more information on RFG Advisory’s awards, please visit www.rfgadvisory.com/awards.
Securities offered by Registered Representatives through Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, LLC (“RFG Advisory” or “RFG”), a registered investment advisor. Private Client Services and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.
About RFG Advisory
RFG Advisory is an innovator in the wealth management industry. Passionately committed to serving independent financial advisors and their clients, RFG Advisory prides itself on being a service company first, a technology company second and a hybrid-RIA third. RFG Advisory delivers a turn-key integrated platform that provides advisors all the tools and resources they need to be the CEO of their practice, not the COO, including turn-key technology, institutional-caliber investment management, marketing, compliance, business consulting and operational support. Focused on amplifying independence, advisors who affiliate with RFG Advisory maintain all the equity in their business and pay a basis point fee for access to RFG’s investment and technology platform. Additionally, through RFG Capital, the firm buys stakes in advisor practices to facilitate succession planning and provides loans to advisors to enable the move to full independence. For more information, visit: rfgadvisory.com.
About Long Ridge Equity Partners
Founded in 2007, Long Ridge Equity Partners is a private investment firm focused on the financial and business technology sectors. Leveraging deep sector knowledge and an extensive network of industry resources, Long Ridge serves as a value-added partner to high-growth businesses. Since its founding, Long Ridge has sponsored some of the most successful growth companies in the financial and business technology sectors, providing leading management teams with partnership, strategic resources, and capital to drive profitable expansion. Long Ridge manages over $1.75 billion of committed capital. For more information on Long Ridge Equity Partners, please visit www.long-ridge.com.
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