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Seven 'RIA' chief executives are stepping aside for CEO 'operators' as PE backers get 'trigger' happy in adverse market; here are their stories

Whether it's Edelman Financial Engines, SMArtX, Allworth or InvestCloud, the re-CEO-ing process follows a fat 2020 capital raise and thinner results in stormy financial markets.

Author Oisin Breen September 7, 2023 at 9:46 PM
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Cecile Munoz: The question everyone is asking is where is the EBITDA growth?
Brooke Southall and Keith Girard contributed to the editing of this article.

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Amid 401(k) headwinds and assets stalled at $170 billion, Randy Long offloads CEO duties 'to fully focus on strategy' -- new blueprint and business model needed, experts say

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Chafing at new 'governance,' Evan Rapoport resigns as SMArtX CEO, 15 months after Morningstar became its largest PE investor and giant customer -- and weeks after pivot toward 'freemium' strategy

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Mentioned in this article:

SageView Advisory Group, LLC
401k Plan Consultant, Advisory Firm
Top Executive: Randy Long

HedgeCoVest
TAMP
Top Executive: Evan Rapoport

Allworth Financial
Mergers and Acquisition Firm, RIA Serving Other RIAs, Advisory Firm
Top Executive: Scott Hanson and Pat McClain




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