United Capital has opened a new office in Chicago targeting financial advisors who wish to grow to $200 million to $300 million in assets.
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The new office will be led by Chris Battreall, a managing director based at the firm’s Modesto, California location.
The firm intends to add around 20 to 30 new offices over the next two years and more than double its revenue from just over $100 million to $250 million in the next three years.
Chief executive of United Capital Joe Duran said that he expects about 30% to 40% of the growth to come from acquisitions and the rest through recruiting clients and advisers to existing offices.
Till date, Battreall has hired two new advisors for the Chicago office. The new financial advisors will join the firm’s Million Dollar Advisor program, which manages advisors to get to $1 million in revenue.
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By GlobalDataAdditionally, the office will be supported by a four-person team at the Dallas hub, who will provide compliance, client and prospect tracking, fee billing and marketing.
Meantime, United Capital has hired Ryan Marcus as new director of new partnerships, based in New York. Marcus joined United Capital from RBC Advisor Services, where he served as senior vice president of business development for the RIA custody unit.
In his new role, Marcus will be responsible for implementing United Capital’s acquisitions strategy, and also develop new strategies for acquisition as well as recruit new advisers to existing offices between Boston and Washington, DC.
The firm is seeking to open offices in six other cities over the next two years.
Jason Del Col, senior vice president of advisory services at United Capital, said: "We have the client experience systematized and can start an office without buying our way into a market or buying a firm. We believe the next evolution of advisors is going to require much more dynamic space to meet clients in; we want to be able to more rapidly put locations in place."
