The wealth management industry faces a looming challenge as many financial advisors near retirement, leaving small practices in search of succession solutions. VestGen Wealth Partners, a newly launched firm led by industry veterans, is stepping in to address this growing need.
Targeting practices with assets between $100 million and $500 million, VestGen offers an exit strategy for advisors planning their transition. “We’re tackling one of the most urgent issues in wealth management: the succession crisis,” says VestGen CEO Josh Gerry. “Advisors constantly ask, ‘Who will take care of my clients when I step away?’”
VestGen’s solution lies in acquiring firms and connecting them with skilled next-generation advisors. “Our mission is to pair retiring leaders with talented professionals who can build on their legacy and ensure continuity for clients,” Gerry explains.
Headquartered in Chicago, VestGen has already acquired 10 advisory practices, representing $5.3 billion in assets under management. The firm is well-positioned to drive change, leveraging Gerry’s extensive industry experience. Gerry, who previously co-founded Professional Wealth Advisors—an LPL-affiliated firm with over $10 billion in assets—has also served in leadership roles at Impetus Wealth Strategies, AXA, and MetLife.
VestGen’s leadership team is composed of seasoned advisors, including Brian DeGrado, Joe Esposito, Jeff Haller, Sean Hanlon, Keith Kiker, Joe Lyons, Terry McCaffrey, Tim Mohns, and Keith Mooney. Collectively, they bring decades of experience from top firms such as Raymond James Associates, J.P. Morgan Securities, Commonwealth Financial Network, and Merrill Lynch.
The need for effective succession planning is becoming increasingly urgent as the industry grapples with demographic shifts. A Cerulli Associates report reveals that 37% of advisors plan to retire within the next decade, with the average age of advisors at 56. This trend has driven a surge in mergers and acquisitions across the sector, as firms seek to ensure their clients’ long-term needs are met.
VestGen is also positioning itself as a career destination for younger advisors by offering mentorship programs and clear pathways to leadership. “Our model provides next-generation advisors with the tools and opportunities to take the reins of established practices,” says Gerry.
For clients, VestGen’s approach extends beyond traditional wealth management. Its comprehensive service model integrates financial planning, tax strategy, insurance solutions, and legal services, ensuring a holistic approach to client needs. This emphasis on continuity and breadth of service helps reassure retiring advisors that their clients will remain in capable hands.
As VestGen continues to grow, its dual focus on succession planning and cultivating the next generation of advisors positions it as a key player in addressing the wealth management industry’s challenges. With its veteran leadership and innovative model, the firm is setting a new standard for the transition of advisory practices in the years ahead.
