Virginia, US-based RIA Bogart Wealth has secured a minority investment from Constellation Wealth Capital (CWC), an investor focused on the wealth management sector.
Bogart Wealth plans to use this investment to bolster its client services, technology, hiring, and marketing efforts while preserving its status as an independent RIA.
The firm is said to have seen “rapid organic growth”, with assets under management (AUM) increasing more than fourfold in the last five years. Currently, it has around $3bn in assets under advisement (AUA), including $2.7bn in AUM.
Besides, Bogart Wealth has expanded its team during this period with the addition of 30 new staff members.
The firm attributed its growth to the implementation of the Advisor Growth Track (AGT), a professional development programme aimed at nurturing talent within the company.
Bogart Wealth founder and CEO James Bogart said: “We’re very excited to welcome Constellation Wealth Capital as partners in our mission to help clients achieve financial peace of mind by preserving and maximising intergenerational wealth.
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“The CWC team brings significant experience to our organisation that will serve our team well and demonstrates our deep commitment to our clients and their families.
“This investment serves as a strong validator of our firm’s mission, vision, marketplace position, and growth trajectory.”
Advisor Growth Strategies was the transaction advisor for Bogart Wealth, with Troutman Pepper Locke offering legal advice.
Bogart Wealth provides comprehensive financial planning and wealth management services, serving corporate executives, professionals, and families.
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