Larry Roth, Fellow Industry Vets Launch ‘Elite Consultancy’ Network

Industry veteran Larry Roth has announced the rebrand of his wealth management consulting firm from RLR Strategic Partners to the new moniker Ascentix Partners, along with the launch of a new network of “elite consultancies” focused on accelerating growth for RIAs and other wealth management enterprises.

Joining Roth in leading the Ascentix Partners Network are fellow industry veterans Jim Nagengast, Jim Roth and Todd Glassman. Speaking with ThinkAdvisor ahead of the announcement, Roth said the rebrand and network strategy are direct responses to big wealth management industry changes that have unfolded over the last decade.

“Shifting demographics, transformative technologies and ongoing consolidation have created extraordinary opportunities for growth across the wealth management industry,” Roth said.

To seize these opportunities, he added, firms need to work with proven third-party experts and consultants across disciplines — and do so within a structure that empowers collaboration, alignment and execution.

“That’s what Ascentix delivers,” Roth said.

Firms participating in the network include BridgeMark Strategies, an M&A consultancy led by Jeff Nash; GreenLine Consultants, led by Hilda Wong-Doo and specializing in technology strategy; Essential Edge Compliance Outsourcing Services, represented by Sander Ressler and focused on compliance and regulatory affairs; Advisor Group Benefits, represented by Chris Paulitz and focused on enterprise benefits strategies; and Haven Tower Group, led by Joe Kuo and specializing in brand strategy.

Roth said the network will work differently than some of the major integrated consulting firms that support other industries and financial services verticals, such as McKinsey & Co. or Bain & Co.

“We’re helping wealth management enterprises refine and execute their strategy as opposed to helping them define their strategy,” Roth explained. “I’d say it’s going to be 80% of our time spent on execution on questions like, how do we build out a better back office? What vendors should we use? How can we negotiate better clearing contracts or decide what is the best capital source to tap for growth? Do we want PE backing or would a family office investor be better?”

Another focus will be helping firms refine both organic and inorganic growth strategies in order to transition from “great practices” to “really great operating businesses,” as well as firms that have taken on both minority stakes and majority private equity investments.

“I think we’ll be able to help many of the larger firms that have outside capital investments to the tune of hundreds of millions of dollars,” Roth said. “Some of that capital is patient, yes, but some of it is less patient. Some firms are going to need to really transform their businesses over the next four or five years to ensure that their backers have a successful investment. We’re bringing in the expertise they will need to make sure everyone benefits — the capital, the advisors and the clients.”

Pictured: Larry Roth