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KYCO: Know Your Company

Reveal Profile

5 December 2025

1) Overview of the Company

HB Wealth is a national independent fee-only registered investment adviser headquartered in Atlanta, Georgia, managing over $29 billion in assets under management as of November 2025. Originally founded in 1989 as Homrich Berg by Andy Berg and David Homrich, the firm rebranded to HB Wealth in August 2025 to reflect its national scale and unified brand identity across all offices and teams. The firm operates as one of the country’s largest fee-only RIAs, serving individuals, families, institutions, and nonprofits across 48 states through 12 offices in six states including Georgia, Florida, Maryland, North Carolina, South Carolina, and Tennessee.

HB Wealth maintains a team of over 300 employees, including credentialed wealth advisors with CFA charterholders and CFP® professionals. The firm operates under a fee-only fiduciary model, receiving compensation solely through client management fees without commissions or product sales. HB Wealth has received SEC registration since November 5, 2021, and maintains notice filings across all 50 states plus Puerto Rico and the District of Columbia.

The company has experienced significant transformational changes over the past 24 months, including the January 2024 leadership transition when Thomas Carroll assumed the CEO role from co-founder Andy Berg, who transitioned to Chairman. HB Wealth completed its acquisition of $6.4 billion Maryland-based multi-family office WMS Partners in early 2025, bringing total assets under management to over $24 billion and expanding the firm’s Mid-Atlantic presence with offices in Towson and Columbia, Maryland. The firm also received strategic minority investments from TPG Growth in late 2024, following its earlier partnership with New Mountain Capital.

HB Wealth has strengthened its investment leadership team through key executive appointments in November 2025, including naming Joel Houck as Chief Investment Officer, Ford Donohue as Deputy CIO, and recruiting Gina Martin Adams as Chief Market Strategist from Bloomberg Intelligence. The firm manages over $4 billion in private market investments and maintains relationships with over 100 active private market managers, reflecting its 30+ year expertise in alternative investments.

2) History

HB Wealth was founded in 1989 by Andy Berg and David Homrich as Homrich Berg, establishing the firm as an independent, fee-only fiduciary wealth management company based in Atlanta. The founders built the firm on core values of objectivity, teamwork, excellence, innovation, diligence, and trust, with Berg’s father Wally Berg providing the initial loan that facilitated the company’s founding. From its inception, the firm committed to serving clients rather than selling products, delivering independent advice, financial planning, and investment management services under a fee-only fiduciary model.

Between 2008 and 2020, HB Wealth expanded its presence throughout metro Atlanta with multiple office locations, including establishing a new headquarters in Buckhead. The firm achieved a significant milestone in 2021 when it ventured outside Georgia for the first time, opening an office in Palm Beach, Florida. HB Wealth received its SEC registration on November 5, 2021, marking its transition to federal regulatory oversight.

The firm continued its southeastern expansion strategy during 2022-2023, opening new offices in Augusta, Georgia; Columbia, South Carolina; and Nashville, Tennessee. In 2022, HB Wealth completed its acquisition of $1.5 billion RIA Oakbridge Partners, bringing combined assets under management to over $13 billion and expanding its Atlanta market presence. This transaction added five principals including Warren Wick II, William Cohen, Jennifer Storey, Eric Toole, and Brandon Downs, contributing over 100 years of combined wealth management experience.

HB Wealth implemented a transformational leadership transition on January 1, 2024, when Thomas Carroll was named CEO, succeeding co-founder Andy Berg who transitioned to Chairman of the Board. Carroll had joined the firm in 2020 as part of a multi-year succession plan, bringing over 20 years of financial services experience from SunTrust Bank and GenSpring Family Offices. The firm opened an additional Florida office in Tampa in 2024 to strengthen its presence in the state.

The company entered a new growth phase in 2024 through strategic minority investments, first with New Mountain Capital in 2021, followed by TPG Growth in late 2024. HB Wealth completed its most significant acquisition in early 2025 by acquiring $6.4 billion Maryland-based multi-family office WMS Partners, expanding into the Mid-Atlantic region with offices in Towson and Columbia, Maryland. This transaction brought total assets under management to over $24 billion and added more than 80 WMS employees to the combined firm.

In August 2025, the firm underwent a comprehensive rebranding from Homrich Berg to HB Wealth, aligning all offices and teams under a unified brand identity that reflects its national scale and modern positioning. The rebrand encompassed all existing operations, including the recently acquired WMS Partners, creating consistency across the firm’s expanded footprint.

3) Key Executives

Thomas Carroll, CFP® serves as Chief Executive Officer and Shareholder at HB Wealth. Thomas assumed the CEO role on January 1, 2024, following a planned leadership transition where he previously served as President for four years. He holds a Bachelor of Science degree in Business from Wake Forest University and is a CERTIFIED FINANCIAL PLANNER® professional. Prior to joining HB Wealth in 2020, Thomas spent over 20 years at SunTrust Bank in various leadership roles, including serving as head of Division Wealth Management and CEO of GenSpring Family Offices. Thomas was named a Most Admired CEO in 2025 by the Atlanta Business Chronicle and currently serves on multiple boards including the Wake Forest Athletics Advisory Council and the Leadership Council of Zoo Atlanta.

Jamie Hennessy, ACA joined HB Wealth in 2021 as Chief Financial Officer and Shareholder. He leads the firm’s accounting, finance, and reporting functions while overseeing data analytics efforts. Jamie holds an MPharmacol first class degree from the University of Bath, UK, and is a member of the Institute for Chartered Accountants of England and Wales (ICAEW). Prior to HB Wealth, he served as Chief Financial Officer at Wentworth Management Services and as Controller of Private Wealth Management at SunTrust, now Truist. Jamie began his career in public accounting at Grant Thornton, where he spent 10 years in audit serving clients across multiple sectors in the UK, Australia, and Atlanta.

Kyle Glenn, CFA serves as Chief Operating Officer and Shareholder, having joined HB Wealth in 2020 after a previous tenure with the firm from 2008-2013. He leads the firm’s internal operations, helps align talent and culture with long-term objectives, and drives strategic initiatives supporting future growth. Kyle holds an MBA with Honors from the University of Chicago Booth School of Business and a BS in Management with Highest Honors from Georgia Tech. Prior to rejoining HB Wealth, Kyle was a Manager in Bain & Company’s Atlanta office for five years, where he led teams serving clients across private equity, consumer products, and technology sectors.

Travis McKinney serves as Chief Compliance Officer, having joined HB Wealth in 2022. He holds a BS degree in Finance from the University of Tennessee and has worked in wealth management since 2005. Before joining HB Wealth, Travis served as Chief Compliance Officer for Gratus Capital, where he was responsible for compliance programs and regulatory matters. He oversees all regulatory compliance matters for the firm and manages the comprehensive compliance program.

Joel Houck, CFP®, CFA, CAIA was appointed Chief Investment Officer in November 2025. He joined HB Wealth in January 2025 through the firm’s merger with WMS Partners, bringing 35 years of experience in capital markets, equity research, commercial banking, and hedge-fund management. Joel holds both Bachelor’s and Master’s degrees from Miami University and has been recognized six times by the Wall Street Journal as a top five equity research analyst for stock selection. Prior to joining HB Wealth, he held positions at Bank of America, PNC, Wells Fargo, Cicero Capital Partners, and A.G. Edwards & Sons.

Ford Donohue, CFA was named Deputy Chief Investment Officer in November 2025, having been with HB Wealth since 2014. He previously served as Managing Director of Public Markets, overseeing the firm’s investment strategy across equities, fixed income, and hedge funds. Ford collaborates with Chief Investment Officer Joel Houck and Chief Market Strategist Gina Martin Adams to provide market perspective and investment guidance to the firm’s advisors, clients, and investment committee.

Gina Martin Adams, CFA, CMT joined HB Wealth as Chief Market Strategist in November 2025. She brings more than 25 years of experience from leading global financial institutions, previously serving as Chief Equity Strategist and Head of Equity Strategy and Fund Research at Bloomberg Intelligence. Adams leverages fundamental, technical, and quantitative perspectives to inform investment decisions and serves on the Board of the CMT Association and the Advisory Council at the University of Florida’s Warrington College of Business.

Kruti Bolick, CFIRS serves as Chief Risk Officer and Shareholder, joining HB Wealth in 2021. She is responsible for risk, compliance, third-party risk, insurance, and information security functions at the firm. Kruti holds a BBA degree in Finance and Marketing from Georgia State University and is a Certified Fiduciary and Investment Risk Specialist (CFIRS). She brings over 20 years of risk management and consulting experience from previous roles at Conduent, Wells Fargo, SunTrust, and professional services firms including PricewaterhouseCoopers and Accenture.

Michael A. Woocher, CFP®, J.D. joined HB Wealth in April 2024 as Chief Advisory Officer and Shareholder. He leads the firm’s group of financial advisors and focuses on developing the next generation of advisors while remaining directly connected to client experience through advising ultra-high-net-worth clients. Michael holds a Bachelor of Arts from Emory University and a Doctor of Law from the University of Georgia School of Law. Prior to HB Wealth, he was Managing Director at Bernstein Private Wealth Management from 2015-2024 and spent 1997-2014 at SunTrust Bank and GenSpring Family Offices in various executive roles.

4) Ownership

HB Wealth operates as a private wealth management firm with a management-owned majority ownership structure supported by strategic minority institutional investors. The firm maintains its independence through a carefully structured ownership model designed to preserve its fee-only fiduciary approach while enabling growth capital access.

New Mountain Capital holds a minority stake in HB Wealth through an investment made by New Mountain Strategic Equity I, L.P. in July 2021, when the firm managed approximately $10 billion in assets under management. This partnership was structured specifically to help manage ownership succession while ensuring HB Wealth retained majority ownership and operational independence. Co-founder and Chairman Andy Berg emphasized that the firm explicitly rejected selling majority control, stating that “all generations of our ownership are fully aligned in our commitment to on-going independence”.

TPG Growth acquired an additional minority stake in HB Wealth in late 2024, joining New Mountain Capital as a strategic investor while the firm’s management team continued to maintain majority ownership. This second institutional investment round occurred as the firm had grown to over $25 billion in assets under management, reflecting its expansion trajectory and need for additional growth capital to support acquisition activity and geographic expansion.

The ownership evolution reflects HB Wealth’s transformational growth through strategic acquisitions that have significantly expanded the firm’s asset base and geographic footprint. In early 2025, HB Wealth completed its largest acquisition with the purchase of $6.4 billion Maryland-based multi-family office WMS Partners, which brought more than 80 employees into the combined organization and expanded the firm’s presence in the Mid-Atlantic region. This transaction, combined with previous acquisitions including $1.5 billion Oakbridge Partners in 2022, demonstrates the firm’s ability to execute meaningful consolidation opportunities within the RIA sector.

HB Wealth has implemented a firmwide equity participation program launched in July 2025, providing equity ownership opportunities to all non-shareholder employees and new hires. This program allows team members who contribute to the firm’s long-term success to participate in any future liquidity events or recapitalization, with support from both TPG Growth and New Mountain Capital. The initiative reflects the firm’s commitment to fostering a culture of ownership throughout the organization while maintaining its core independence structure.

The firm’s current ownership structure positions it as one of the largest independent fee-only registered investment advisers, managing over $29 billion in assets as of November 2025. The strategic minority investments from New Mountain Capital and TPG Growth provide the firm with capital resources to continue its acquisition strategy and geographic expansion while preserving the management team’s control over strategic direction and operational decisions.

5) Financial Position

HB Wealth operates as a privately held registered investment adviser, making direct financial analysis challenging due to the absence of publicly traded securities or standardized financial disclosures. However, multiple operational health indicators and indirect valuation signals demonstrate the firm’s strong financial position and sustainable growth trajectory.

The firm has experienced remarkable asset growth, expanding from approximately $10 billion in assets under management in 2021 to over $29 billion as of November 2025, representing a compound annual growth rate exceeding 30%. This growth trajectory reflects both organic expansion and strategic acquisitions, including the $1.5 billion Oakbridge Partners acquisition in 2022 and the transformational $6.4 billion WMS Partners acquisition in early 2025. The firm’s ability to complete these substantial acquisitions indicates robust access to capital and strong balance sheet capacity.

Operational health indicators suggest strong underlying financial performance. HB Wealth has expanded its workforce to over 300 employees across 12 offices in six states, representing significant headcount growth that typically correlates with revenue expansion in asset management firms. The firm’s geographic expansion from its Atlanta headquarters into Florida, Maryland, North Carolina, South Carolina, and Tennessee demonstrates successful market penetration and operational scaling capabilities.

The firm’s fee structure, based primarily on assets under management with annual fees typically ranging from 0.50% to 1.25%, provides predictable revenue streams tied to asset growth. Industry benchmarks suggest that wealth management firms of HB Wealth’s scale typically generate annual revenues in the range of $150-250 million based on standard fee structures applied to $29 billion in assets under management.

Strategic minority investments from institutional partners provide additional financial stability indicators. New Mountain Capital invested in the firm in 2021, followed by TPG Growth in late 2024, with both investors maintaining minority positions while management retains majority ownership. These institutional investments typically require extensive due diligence and suggest strong underlying financial metrics and growth prospects.

The firm’s comprehensive technology infrastructure investments, including portfolio management systems, client portals, and reporting platforms, indicate ongoing capital allocation toward operational efficiency and client service enhancement. Additionally, HB Wealth’s launch of a firmwide equity participation program in July 2025 demonstrates confidence in long-term value creation and provides additional employee retention mechanisms.

Credit and operational risk metrics appear favorable based on the firm’s regulatory standing and client retention rates. The firm maintains SEC registration with notice filings across all 50 states plus Puerto Rico and the District of Columbia, indicating compliance with regulatory capital and operational requirements. The firm reports a 98% client retention rate, suggesting stable fee income and strong client satisfaction levels.

The firm’s private investment platform, managing over $4 billion in private market investments across 100+ active manager relationships, demonstrates sophisticated investment capabilities that typically command premium fee structures. This alternative investment focus positions HB Wealth to capture higher margins compared to traditional portfolio management services.

Financial stability is further evidenced by the firm’s ability to maintain operations and growth during economic uncertainty, including successful navigation of market volatility in 2022-2023 while continuing strategic acquisitions and expansion initiatives. The firm’s diversified client base across 48 states provides geographic revenue diversification and reduces concentration risk.

6) Market Position

HB Wealth operates as one of the largest independent fee-only registered investment advisers in the United States, managing over $29 billion in assets as of November 2025. The firm has established a strong competitive position within the wealth management industry through its national scale, specialized expertise, and comprehensive service offering that distinguishes it from both regional competitors and larger institutional players.

The firm’s market positioning reflects significant scale advantages within the independent RIA sector. HB Wealth consistently ranks among the top wealth management firms nationally, including placement as #34 on Forbes’ Top RIA Firms ranking for 2025 and recognition on Barron’s Top 100 RIA Firms list for multiple consecutive years. This recognition reflects both quantitative metrics including assets under management and revenue, as well as qualitative factors such as technology spending, staff diversity, succession planning, and regulatory compliance record.

HB Wealth’s geographic footprint provides strategic market coverage across high-growth regions. The firm operates 12 offices across six states including Georgia, Florida, Maryland, North Carolina, South Carolina, and Tennessee, with particular strength in the Southeast and Mid-Atlantic corridors. Recent expansion initiatives demonstrate the firm’s ability to penetrate new markets, including the November 2025 opening of a Charlotte office through recruitment of a five-person advisory team managing nearly $15 billion in assets from J.P. Morgan.

The firm’s client base demonstrates significant diversification across multiple market segments. HB Wealth serves over 300 client families including individuals, families, business owners, corporate executives, professional service practitioners, multi-generational families, and institutional clients across 48 states. This broad client diversity provides revenue stability and reduces concentration risk compared to competitors focused on narrower market segments.

HB Wealth’s service differentiation centers on its fee-only fiduciary model and comprehensive wealth management platform. The firm’s fee-only structure eliminates conflicts of interest associated with commission-based compensation, positioning it favorably against wirehouses and commission-based competitors. The comprehensive platform integrates financial planning, investment management, estate planning, tax strategies, and family office services under a unified approach, creating competitive advantages over single-service providers.

Private market investment capabilities represent a key competitive differentiator for HB Wealth. The firm manages over $4 billion in private market investments across client portfolios and maintains relationships with over 100 active private market managers, reflecting 30+ years of expertise in alternative investments. This capability provides institutional-quality investment access typically available only to larger competitors or dedicated alternative investment platforms.

Technology infrastructure supports HB Wealth’s market position through advanced client reporting and portfolio management systems. The firm utilizes Black Diamond Performance Reporting software customized for client needs, providing 24/7 online access to portfolio performance information via smartphone, tablet, or computer platforms. Interactive financial planning technology enables real-time scenario modeling and wealth forecasting, enhancing the client experience compared to competitors using static reporting methods.

Brand recognition within the wealth management industry reflects HB Wealth’s reputation for expertise and client service. The firm maintains a 98% client retention rate and has received recognition as a top fee-only RIA from multiple industry publications including Financial Planning Magazine and Barron’s. This client loyalty provides organic growth opportunities and referral generation that reduces client acquisition costs relative to competitors.

The firm’s competitive positioning benefits from strategic minority investments from institutional partners including TPG Growth and New Mountain Capital, which provide capital resources for continued growth while maintaining management control and operational independence. This financial backing enables HB Wealth to compete for larger acquisitions and talent recruitment against private equity-backed competitors.

The firm’s market position reflects growth opportunities in the expanding RIA sector. Industry consolidation trends favor larger, well-capitalized firms like HB Wealth that can provide comprehensive services and sophisticated investment capabilities. The firm’s acquisition strategy, including the 2025 WMS Partners transaction and previous Oakbridge Partners acquisition, demonstrates its ability to execute consolidation opportunities and integrate complementary capabilities.

7) Legal Claims and Actions

Based on the available regulatory and legal databases, HB Wealth and its subsidiaries HB WEALTH MANAGEMENT LLC, WMS Partners, and Antares Wealth Management do not have any documented legal claims, regulatory enforcement actions, fines, penalties, or sanctions in the public record over the past 10 years. The SEC’s regulatory database shows no enforcement proceedings, cease and desist orders, or administrative actions against HB Wealth or its registered entities.

The firm maintains SEC registration without any disclosed regulatory violations or compliance deficiencies in its Form ADV filings. HB Wealth’s clean regulatory record reflects its commitment to maintaining high compliance standards since receiving SEC registration on November 5, 2021. The firm’s Chief Compliance Officer Travis McKinney oversees comprehensive compliance programs designed to prevent regulatory violations and ensure adherence to fiduciary standards.

No employment litigation, discrimination claims, or workplace culture disputes involving HB Wealth have been identified in federal or state court records. The firm’s human resources practices appear to align with industry standards, as evidenced by its implementation of a firmwide equity participation program in 2025 that provides ownership opportunities to all employees. This program demonstrates the firm’s focus on employee retention and engagement rather than addressing litigation-related workplace issues.

The absence of anti-money laundering (AML) violations or sanctions compliance issues indicates that HB Wealth has maintained appropriate client onboarding and monitoring procedures. As a fee-only registered investment adviser, the firm operates under strict fiduciary standards that require comprehensive compliance with federal securities laws and regulations.

HB Wealth’s executive team, including CEO Thomas Carroll, CFO Jamie Hennessy, and other senior leaders, have no documented criminal convictions, regulatory sanctions, or professional licensing violations in the public record. The firm’s leadership transitions, including the planned succession from co-founder Andy Berg to Thomas Carroll in 2024, have occurred without any associated legal complications or disputes.

The 2025 acquisition of WMS Partners and the 2022 acquisition of Oakbridge Partners were completed without any disclosed litigation or regulatory challenges. These transactions involved comprehensive due diligence processes that would have identified any material legal or compliance issues affecting the acquired entities.

8) Recent Media

Media coverage of HB Wealth from 2023 through 2025 has been overwhelmingly positive, focusing on the firm’s rapid growth, strategic acquisitions, executive leadership changes, and recognition within the wealth management industry. There is no significant adverse media coverage related to fraud, misconduct, major investment losses, or ESG controversies during this period.

In August 2025, HB Wealth announced its rebranding from Homrich Berg, a move widely covered by industry press including Business Wire, FA-Mag, Citywire, and WealthManagement.com. The firm stated the new name, HB Wealth, was intended to unify its expanding national presence under a single modern brand, following a period of significant growth and acquisitions. The rebranding integrated all offices, including the recently acquired WMS Partners, under the new identity. CEO Thomas Carroll was quoted stating the evolution honors the firm’s 35-year legacy while reflecting its current national scale.

The firm’s mergers and acquisitions activity has been a central theme in media reports. In January 2025, HB Wealth closed its largest acquisition, acquiring the $6.4 billion Maryland-based multi-family office WMS Partners. The deal, announced in December 2024, expanded HB Wealth’s assets to over $24 billion and established a significant presence in the mid-Atlantic region. The transaction was HB’s first since hiring Andrew Page from Ancora Holdings Group in April 2024 to lead M&A activities. Earlier, in April 2022, the firm acquired the $1.5 billion Atlanta-based RIA Oakbridge Partners. Most recently, in November 2025, the firm announced its expansion into Charlotte, North Carolina, by recruiting a five-person advisory team from J.P. Morgan Private Bank that had previously overseen nearly $15 billion in assets.

Executive leadership changes have also garnered significant media attention. In September 2023, the firm announced its planned leadership transition, with Thomas Carroll succeeding co-founder Andy Berg as CEO, effective January 1, 2024. Berg transitioned to the role of Chairman. In September 2025, Citywire reported the departure of Chief Investment Officer Stephanie Lang after 20 years with the firm; she left at the end of August 2025 to launch her own consulting firm. Following this, in November 2025, HB Wealth announced a new investment leadership team, appointing Joel Houck as Chief Investment Officer, promoting Ford Donohue to Deputy CIO, and hiring former Bloomberg Intelligence strategist Gina Martin Adams as Chief Market Strategist. Michael Woocher’s appointment as Chief Advisory Officer in April 2024 was also covered.

The firm’s financial and investor developments were positively reported. In September 2024, private equity firm TPG Growth made a strategic minority investment in HB Wealth, joining existing minority investor New Mountain Capital. A Reuters report at the time noted the deal valued the RIA at approximately $1 billion, with management retaining the largest shareholder position and operational control. In July 2025, the firm launched a firmwide equity participation program, granting equity to all non-shareholder employees, a move supported by its private equity partners and developed with the nonprofit Ownership Works. SEC filings reported by news outlets in 2025 highlighted significant new positions taken by the firm, including a $177.7 million position in a JPMorgan core bond ETF and other large stakes in various ETFs, reflecting its active management strategy.

HB Wealth has consistently received positive coverage for industry awards and rankings. In September 2023, the firm was named #35 on Barron’s Top 100 RIA Firms list. In 2025, Forbes ranked HB Wealth #34 on its Top RIA Firms list. The firm was also recognized by Financial Advisor Magazine, Financial Planning, and InvestmentNews for its size, growth, and as a top place to work. CEO Thomas Carroll was named one of the Atlanta Business Chronicle’s “Most Admired CEOs” in 2025 for rapidly growing the firm’s assets.

The only adverse information found relates to a subsidiary prior to its acquisition. A cybersecurity risk-scoring site noted that WMS Partners experienced a data breach in December 2020 due to an “inadvertent disclosure,” years before it became part of HB Wealth in January 2025.

9) Strengths

Established Market Leadership Position

HB Wealth operates as one of the country’s largest fee-only registered investment advisers, managing over $29 billion in assets as of November 2025. The firm consistently ranks among the top wealth management firms nationally, including placement as #34 on Forbes’ Top RIA Firms ranking for 2025 and recognition on Barron’s Top 100 RIA Firms list for multiple consecutive years. This market leadership position reflects both quantitative metrics including assets under management and revenue, as well as qualitative factors such as technology spending, staff diversity, succession planning, and regulatory compliance record.

Comprehensive Fee-Only Fiduciary Model

HB Wealth’s fee-only fiduciary approach eliminates conflicts of interest associated with commission-based compensation, positioning the firm favorably against wirehouses and commission-based competitors. The firm receives compensation solely through client management fees without commissions or product sales, ensuring that all recommendations are made exclusively in clients’ best interests. This structure provides transparency and alignment with client objectives, supporting the firm’s mission of delivering “The Fiduciary Standard, Elevated”.

Specialized Private Market Investment Expertise

HB Wealth maintains distinctive capabilities in private market investments, managing over $4 billion in private market investments and maintaining relationships with over 100 active private market managers, reflecting 30+ years of expertise in alternative investments. This capability provides institutional-quality investment access typically available only to larger competitors or dedicated alternative investment platforms, with specialization across private equity, private credit, and private real estate sectors. The firm’s Managing Director of Private Investments leads a dedicated team of analysts responsible for sourcing, evaluating, and monitoring private investments.

Highly Credentialed Professional Team

HB Wealth maintains a team of over 300 employees, including credentialed wealth advisors with CFA charterholders and CFP® professionals. The firm’s investment team includes 20 professionals with multiple CFA® charterholders, which the firm considers the gold standard for investment knowledge certification. The majority of the firm’s advisory professionals hold or are pursuing the CFP® and/or CFA designations, providing specialized knowledge and expertise to clients. Recent leadership appointments include industry veterans such as Chief Market Strategist Gina Martin Adams, who brings over 25 years of experience from Bloomberg Intelligence.

Strong Client Retention and Satisfaction Metrics

HB Wealth demonstrates exceptional client loyalty with a 98% client retention rate, providing organic growth opportunities and referral generation that reduces client acquisition costs relative to competitors. This retention rate is calculated using the past five full calendar years of client data and reflects the firm’s focus on building long-term relationships rooted in responsiveness and trust. The firm’s client-first approach and concierge-level service model support sustained client satisfaction and loyalty.

Proven Acquisition and Integration Capabilities

HB Wealth has demonstrated successful execution of strategic acquisitions that significantly expand its asset base and geographic footprint. The firm completed its largest acquisition in early 2025 with the purchase of $6.4 billion Maryland-based multi-family office WMS Partners, bringing more than 80 employees into the combined organization and expanding presence in the Mid-Atlantic region. Previous successful acquisitions include $1.5 billion Oakbridge Partners in 2022, demonstrating the firm’s ability to execute meaningful consolidation opportunities within the RIA sector.

Advanced Technology Infrastructure and Client Experience

HB Wealth has invested in cutting-edge performance reporting technology, utilizing a customized version of Black Diamond Performance Reporting software to provide clients with 24/7 online access to portfolio performance information via smartphone, tablet, or computer platforms. The firm’s interactive financial planning technology enables real-time scenario modeling and wealth forecasting, enhancing the client experience compared to competitors using static reporting methods. The technology infrastructure supports comprehensive client service while improving operational efficiency.

Strategic Capital Backing with Operational Independence

HB Wealth maintains strategic minority investments from institutional partners including TPG Growth and New Mountain Capital, which provide capital resources for continued growth while preserving management control and operational independence. This financial backing enables the firm to compete for larger acquisitions and talent recruitment against private equity-backed competitors while maintaining its fee-only fiduciary approach. The firm’s ownership structure positions it to execute on expansion opportunities while preserving its independent culture.

National Geographic Diversification

HB Wealth operates 12 offices across six states including Georgia, Florida, Maryland, North Carolina, South Carolina, and Tennessee, providing strategic market coverage across high-growth regions in the Southeast and Mid-Atlantic corridors. The firm serves clients across 48 states, providing geographic revenue diversification and reducing concentration risk compared to regionally focused competitors. Recent expansion initiatives demonstrate the firm’s ability to penetrate new markets, including the November 2025 opening of a Charlotte office.

Comprehensive Service Platform and Family Office Capabilities

HB Wealth’s service platform integrates financial planning, investment management, estate planning, tax strategies, and family office services under a unified approach, creating competitive advantages over single-service providers. The firm’s multi-generational family office services extend beyond planning and investing to include consolidated reporting, entity structuring, administrative support, family education, insurance reviews, and independent due diligence tailored to each family’s unique needs. This comprehensive platform enables the firm to serve as clients’ dedicated financial steward across all aspects of wealth management.

10) Potential Risk Areas for Further Diligence

Leadership Transition and Key Person Dependencies

HB Wealth faces potential risks associated with significant leadership changes and dependencies on key personnel. The firm completed a major leadership transition in January 2024 when Thomas Carroll assumed the CEO role from co-founder Andy Berg, who transitioned to Chairman. While this succession was planned over multiple years, the departure of founding leadership creates inherent organizational risks. Additionally, the firm experienced the departure of Chief Investment Officer Stephanie Lang in August 2025 after 20 years with the firm, requiring the appointment of new investment leadership including Joel Houck as CIO and Ford Donohue as Deputy CIO. The concentration of institutional knowledge in long-tenured executives and the need to maintain cultural continuity through leadership transitions represent ongoing risks that warrant monitoring.

Rapid Growth and Integration Challenges

HB Wealth’s aggressive expansion strategy presents operational and integration risks. The firm has grown from approximately $10 billion to over $29 billion in assets under management between 2021 and 2025, representing a compound annual growth rate exceeding 30%. This rapid growth includes major acquisitions such as the $6.4 billion WMS Partners transaction in early 2025 and the $1.5 billion Oakbridge Partners acquisition in 2022. Managing this scale of growth while maintaining service quality, cultural alignment, and operational efficiency requires significant resources and attention. The integration of acquired firms with different systems, processes, and cultures creates execution risks that could impact client service or operational effectiveness if not managed properly.

Technology and Cybersecurity Vulnerabilities

The wealth management industry faces heightened cybersecurity threats, with HB Wealth’s high-net-worth client base making it an attractive target for cybercriminals. The firm manages sensitive financial data for over 300 client families across 48 states, requiring robust cybersecurity infrastructure and protocols. While the firm has invested in technology platforms including Black Diamond Performance Reporting and client portals, the increasing sophistication of cyber threats, particularly those targeting wealth management firms through email intrusions and social engineering, creates ongoing operational risks. The firm’s digital transformation and multi-office operations across six states increase the attack surface for potential security breaches.

Private Investment Due Diligence and Liquidity Risks

HB Wealth’s significant focus on private market investments, managing over $4 billion in private investments across 100+ manager relationships, creates specific due diligence and liquidity risks. The firm’s 30+ year history in alternative investments provides expertise, but the illiquid nature of these investments, quarterly valuation lag times, and dependency on external fund managers for valuations create potential risks. The complexity of private investment structures, including hedge funds, private equity, and real estate funds, requires ongoing operational due diligence to monitor manager performance, fee structures, and investment strategy adherence. Concentration in private investments could impact client portfolios during periods of market stress or when clients require liquidity.

Regulatory Compliance and Fiduciary Standard Evolution

As a fee-only registered investment adviser operating across multiple jurisdictions, HB Wealth faces evolving regulatory compliance requirements and potential conflicts of interest related to its business model. The firm’s management of affiliated HB Funds creates potential conflicts even though no additional management fees are charged to clients, as disclosed in SEC filings. The complexity of managing compliance across 50 states plus Puerto Rico and the District of Columbia, combined with evolving SEC regulations and state-specific requirements, creates ongoing compliance risks. Changes in fiduciary standards or investment adviser regulations could impact the firm’s operations or require significant compliance system modifications.

Market Concentration and Client Dependency Risks

HB Wealth’s client base concentration among high-net-worth individuals and families in specific geographic regions creates market dependency risks. The firm’s significant presence in the Southeast and Mid-Atlantic regions, while providing market expertise, also creates exposure to regional economic conditions. The average client balance of approximately $1 million suggests potential vulnerability to market downturns that could significantly impact client assets and corresponding fee income. Additionally, the firm’s 98% client retention rate, while indicating strong client satisfaction, may mask underlying concentration risks if a small number of large clients were to depart simultaneously.

Operational Infrastructure and Vendor Dependencies

HB Wealth’s reliance on third-party service providers for critical functions creates operational dependencies that warrant ongoing monitoring. The firm utilizes Charles Schwab as its primary custodian, with additional relationships with Fidelity Investments and Pershing, creating potential service disruption risks. The firm’s use of Black Diamond Performance Reporting for portfolio accounting and specialized third-party administrators for private investment funds creates technology and operational dependencies. Vendor concentration or service disruptions could impact client service delivery and operational continuity.

Industry Consolidation and Competitive Pressures

The wealth management industry’s ongoing consolidation creates competitive pressures that may impact HB Wealth’s market position and growth prospects. While the firm has successfully executed acquisitions, it also faces competition from larger RIA consolidators, private equity-backed competitors, and traditional wirehouses for both clients and talent acquisition. The firm’s minority investments from TPG Growth and New Mountain Capital provide growth capital but may also create expectations for continued expansion and returns that could influence strategic decision-making. Market saturation in key geographic regions could limit organic growth opportunities and increase acquisition multiples.

Emerging Industry Regulatory Trends

The wealth management industry faces evolving regulatory frameworks that could impact HB Wealth’s operations. Emerging trends include increased focus on ESG compliance, cryptocurrency regulations, and evolving cybersecurity requirements that may require significant compliance investments. Changes to tax laws affecting private investments, fee structures, or fiduciary standards could require operational adjustments or impact the firm’s competitive positioning. The firm’s fee-only model, while providing competitive advantages, may face regulatory scrutiny as the industry grapples with evolving standards for investment advice and compensation structures.

Standard RIA Industry Considerations

Large registered investment advisers face inherent risks including market volatility impacts on fee-based revenue models, regulatory examination frequency by SEC staff, and the ongoing challenge of demonstrating value to clients during market downturns. The broader wealth management industry continues to evolve with technological disruption, changing client expectations, and competitive pressure on fee structures that may impact long-term profitability and growth prospects.

Sources

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