When a team partners with a wealth management group, it takes a portion of the practice’s revenue to pay both Moneta for services it provides like an investment platform, operations support and Moneta’s enterprise service team, which provides technology solutions, cybersecurity, human resources, compliance and recruiting. Partner teams also take on the Moneta brand and move into one of the firm’s locations.
Moneta Group Financial Advisors Moves into Denver, Colorado New Offices
Moneta Group Investment Advisors has expanded westward into Denver, Colorado with two new offices.
The firm, which has $20 billion in assets under management, currently operates out of two neighboring offices in St. Louis, Missouri in Clayton with over 300 employees, including 100 client-facing advisors. The latest endeavor to launch in Denver Colorado marks its first expansion outside Missouri since 1989.
The strategy does not stop in Denver. Moneta chairman and managing partner Eric Kittner said he would like to open offices in at least one other major city over the next five years, with as many advisors as Moneta’s Missouri offices have.
Kittner said he would like to have eight advisors in the Denver office by the end of the year and that plan is well on it’s way with Moneta financial planners already working in Denver, CO and Cherry Creek, CO, a Denver suburb.
Kittner said Moneta has three avenues it’s pursuing to populate the new office. First, the firm has Missouri-based financial advisors in Denver, which are looking to broaden their teams with local talent that have business development backgrounds. The firm is also looking to acquire established firms in the areas as well as teams from other financial planning and wealth management groups in Denver.
“We’re looking for new teams where advisors are sitting in a firm somewhere and maybe they’re in a situation where they want to create their own identity as an advisor. We’re also looking for other established firms that believe partnering with someone will allow them to grow faster and provide better service to their clients,” Kittner said.
“We’re hoping that we find firms that are like-minded, who could benefit from the infrastructure and scale that we provide.”
When a team partners with a wealth management group, it takes a portion of the practice’s revenue to pay both Moneta for services it provides like an investment platform, operations support, and Moneta’s enterprise service team, which provides technology solutions, cybersecurity, human resources, compliance and recruiting. Partner teams also take on the Moneta brand and move into one of the firm’s locations.
Kittner would not disclose what the average pay-out ratio is but said it can vary depending on each agreement.
At the moment, Kittner is in Denver scouting for fresh talent to populate the offices with an experienced fee-only financial planner.
“We don’t want to have four people sitting in one office someplace and call it a location. We really want to build and replicate what we have built-in St. Louis in multiple cities, which is a critical mass, brand recognition and size because we think that’s ultimately in advisors and client’s best interest,” Kittner said.
“St. Louis is a great market, we love it and it’s been our home but there are areas in pockets of the country where we have significant client exposure and so we have an opportunity by putting an office in that location to expand our growth rate.”