GenXFinancial, a US-based wealth management firm specialising in continuity, succession planning and facilitating growth for NextGen financial professionals, has announced its acquisition of Boston Partners Financial Group.
Upon completion of the transaction, GenX will oversee USD9 billion in total client assets and supervise 180 independent financial professionals. It will also be the largest Super-OSJ affiliated with Advisor Group’s subsidiary, Royal Alliance Associates.
GenXFinancial’s largest and core business, Innovative Financial Group (IFG), was founded by industry veterans Brian Heapps and Robert Mitchell in 2017. As Innovative Financial’s parent company, GenX is now among the largest and fastest growing OSJs in the country, due to its focus on succession planning and facilitating growth for NextGen financial professionals. IFG is headquartered in Nashville, TN and supports advisers doing business in all 50 states.
In addition to Innovative Financial Group, GenX also includes MyRemoteFA and SellMyFinancialPractice, which combine to provide a clear blueprint for NextGen financial professionals seeking to build their firms and develop long-term client relationships.
Boston Partners Financial Group, led by Mark Marroni for more than 20 years, is a New England-based financial advisory firm and Super-OSJ with 53 independent advisors, overseeing approximately USD4.5 billion in total client assets. The firm is also affiliated with Royal Alliance. Following the close of the transaction, Marroni will continue to lead his own ensemble practice affiliated with GenXFinancial, and will operate under the Boston Partners Financial Group brand.
GenX President and CEO Brian Heapps says: “GenXFinancial is creating a powerful platform for NextGen financial advisors to own and run independent businesses. We provide them with access to the innovative platforms and practice management support they need to protect, grow, and realise the value they have built for themselves and their clients. With Boston Partners Financial Group as part of our team, we are in a stronger position than ever to accelerate the careers of rising financial professionals.”
GenX Co-founder Robert Mitchell says: “We started this journey to help solve one of the key issues facing our industry – the aging demographics of the advisor population. In doing so, we have become the destination of choice for independent advisors approaching retirement by creating turn-key platforms that make it easy for buyers and sellers of individual practices to create and execute succession plans. We are very excited to welcome the team from Boston Partners to the GenXFinancial family, and we look forward to helping them take full advantage of the valuable, turn-key solutions we have developed to further enhance their business and client service.”
“GenX has the right combination of resources, scale, and culture we were looking for to enable our advisors to seamlessly continue to serve their clients. It was an easy decision to partner with Brian, Robert and their entire team as we write the next chapter of our professional story,” says Marroni.
Greg Cornick, Advisor Group’s President, Advice and Wealth Management says: “On behalf of the entire Advisor Group family, I congratulate the teams at Royal Alliance and GenX on this strategic acquisition. The partnership is an example of the value Advisor Group’s Super-OSJs bring to independent financial professionals and the larger industry, especially as a growing segment looks for best-in-class solutions for succession planning and transition assistance. We are proud to stand in GenXFinancial’s corner and look forward to their continued success.”