GeoWealth Acquires First Ascent, Combining Platforms to Provide a Tech-Forward, Full-Service TAMP

GeoWealth Acquires First Ascent, Combining Platforms to Provide a Tech-Forward, Full-Service TAMP

It’s no secret that the independent RIA channel has been growing at a feverish pace in recent years. In fact, McKinsey reports that more than 700 firms are being launched each year. And with increased competition in the space, RIAs are facing pressure to grow and scale their business. TAMPs are a solution that many firms use to scale operations and supercharge that growth.

GeoWealth, an enterprise technology and TAMP purpose-built for RIAs, is making moves to be able to serve as the growth engine for firms of all shapes and sizes that are seeking to outsource any aspect of their investment management function. On March 23, 2023, the Chicago-based GeoWealth announced its acquisition of First Ascent Asset Management, a full-service TAMP that offers outsourced portfolio management to smaller RIAs. Combining the two platforms provides advisors with a tech-forward, robust platform capable of serving RIAs ranging from growth-oriented state-registered firms to multi-office national brands with billions under management.

According to a written statement from GeoWealth, the firmly believes that modern TAMPs must offer greater personalization, choice, and ultimately, flexibility in their investment management programs. And with their acquisition of First Ascent, that’s exactly what GeoWealth will provide. For advisors who want to manage and build their own custom portfolios, use third-party models, or combine the two using its UMA technology, GeoWealth simplifies the investment function. Its proprietary technology platform automates mid-and-back-office tasks and streamlines portfolio accounting, trading, performance reporting, billing, and has tools for risk management, proposal generation, account aggregation, and creating both advisor and client portals. And for advisors with no direct custodial relationship, and need full-service, outsourced investment management inclusive of account administration, online account onboarding, and more, First Ascent is an industry-leader. 

First Ascent will become a wholly owned subsidiary of GeoWealth, but its name, investment offering, service model, and flat-fee schedule will remain unchanged. First Ascent pursued this transaction because of repeated requests for more portfolio management services, and “replatforming” to GeoWealth will enable those capabilities. Its existing team will remain in place to support advisors and manage portfolios that are appropriately tailored to meet clients’ needs.  

With a collective $21 billion in platform assets, GeoWealth and First Ascent offer a compelling integrated technology, and full-service support model to meet the needs of any RIA.

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