MARCH 23, 2023 | CHICAGO, IL & DENVER, CO
GeoWealth Acquires First Ascent – Combining Platforms to Provide Advisors with a Tech-Forward, Full-Service TAMP
First Ascent maintains its brand identity and will operate as an independent subsidiary of GeoWealth.
GeoWealth, a proprietary technology and turnkey asset management platform (TAMP), today announced its acquisition of First Ascent Asset Management (“First Ascent). This acquisition empowers GeoWealth to serve growth-minded registered investment advisors (RIAs) of all sizes with a robust, full-service TAMP platform and enhances its position as a leading enterprise technology solution.
GeoWealth’s acquisition of First Ascent also reflects its continued commitment to delivering a flexible, customizable and user-friendly platform designed to help advisors better serve their clients and achieve greater efficiency within their practice. First Ascent’s boutique offering will further bolster GeoWealth’s service model, enabling the firm to expand focus to serving RIAs ranging from growth-oriented state-registered firms to multi-office national brands.
“This acquisition represents a natural alignment between two companies that believe that a tech-forward approach is the way of the future and are unified in their mission to modernize the TAMP business model for the benefit of advisors and their clients,” said Colin Falls, President & CEO of GeoWealth. “By combining GeoWealth’s robust technology with First Ascent’s full-service approach, we’re able to serve the broader community of independent advisors. Whether it’s a breakaway firm or a multi-billion-dollar RIA, we can provide a seamless experience that allows them to provide best-in-class client service and scale their businesses on their own terms.”
As a result of the acquisition, First Ascent will migrate to the GeoWealth platform and leverage its purpose-built, fully-integrated technology platform. GeoWealth supports both advisor-managed models and a suite of third-party models from leading asset managers enabling advisors to offer customizable investment solutions to support a wide array of use cases. In the months ahead, GeoWealth and First Ascent will be identifying additional opportunities to extend more flexibility and choice to their shared client base. The acquisition is the first of many steps the firms plan to take as it relates to deepening their services and providing value-add for RIAs.
“When we first met the GeoWealth team, I remarked that First Ascent should have been built on top of its integrated technology – that’s how seamless and user-friendly it is,” added Scott MacKillop, CEO of First Ascent. “First Ascent was designed to maximize the benefits of the TAMP business model for fiduciary advisors. I’m thrilled to join forces with GeoWealth as we share a dedication to outstanding service and empowering advisors to deliver top-tier investment management programs.”
First Ascent’s name, investment offering, service model, and flat-fee schedule will remain unchanged; however, its advisor clients will now have access to expanded capabilities that include back-office efficiencies and flexible, customizable unified managed account (UMA) offerings. First Ascent will operate as an independent subsidiary of GeoWealth, and its existing team will remain in place to support advisors and manage portfolios that are appropriately tailored to meet clients’ needs.
With over $20 billion in collective platform assets, GeoWealth and First Ascent offer a compelling integrated technology, and full-service support model to meet the needs of RIAs seeking to scale their business and maximize client’s wealth. For more information about the acquisition, please visit https://bit.ly/3J4Ljsq.
GeoWealth is a turnkey asset management platform (TAMP) and financial technology solution built specifically for the needs of modern RIAs. GeoWealth’s user-friendly, cost-efficient, integrated technology enables advisors to access a diversified lineup of model portfolios and fully offload mid-and back-office responsibilities, including performance reporting, billing, portfolio accounting and more. Via its customizable open-architecture platform, GeoWealth enables advisors and firms to grow faster and serve clients more efficiently. Founded in 2010, GeoWealth is headquartered in Chicago, IL. Visit us at geowealth.com and follow us on LinkedIn.
About First Ascent Asset Management
First Ascent is based in Denver, CO and provides outsourced portfolio management services to financial advisors and their clients. The firm’s founder, Scott MacKillop, is a 45-year veteran of the financial services industry and has been providing asset management services to financial advisors for over 30 years. First Ascent is registered as an investment adviser with the SEC.
GeoWealth Media Contacts:
StreetCred PR: GeoWealth@streetcredpr.com
Will Ruben: firstname.lastname@example.org, 847-208-8289
Jimmy Moock: email@example.com, 610-304-4570
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