The initial firms participating in the acquisition, with “definitely more coming,” according to GRP CEO Bill Chetney, are:
- EPIC Retirement Services Consulting in New York, New York;
- Heffernan Financial Services in San Francisco, California;
- MRP in Denver, Colorado;
- Oswald Financial, Inc. in Cleveland, Ohio;
- Retirement and Benefits Partners in Slingerlands, New York;
- StoneStreet Advisor Group in Pearl River, New York; and
- Washington Financial Group in McLean, Virginia.
Although GRP already had an opportunity for advisers and employees to share in the incremental growth of the company, through what he describes as an “ESOP concept,” Chetney says the decision for the advisory firms to own GRP was their way to “control their destiny.” The group of advisers is buying into the existing RIA and OSJ, Chetney says. They will charge themselves a haircut like they charge anyone, but the adviser ownership will now get to share in that.
“Many of these advisers have been with me a long time,” he says. However, the reality, and perhaps a “nagging concern,” was the lingering question “what if Chetney wants to sell?” By taking ownership of the RIA and OSJ, Chetney says these advisers now own the core part of the business and can have control of their future.
GRP will retain its name and GRP’s management team will continue to manage day-to-day activities, with Chetney as CEO and Jim Williams as President.
GRP was established last year, when LPL Financial reached a partnership agreement with Financial Telesis and Bill Chetney, former LPL Retirement Partners president, to create a new retirement plan advisory firm, GRP (see “LPL and Financial Telesis Create New RIA Firm“). Chetney became CEO and partner at the new firm, while Williams Financial Telesis’s founder and CEO, was named president. The company provides retirement plan infrastructure, compliance, commissioning, and personnel to advisers who specialize in the retirement space.