What's happening: One of the Upper Peninsula’s largest Registered Investment Advisors (RIA) has been sold to a growing out-of-state advisement group. Mommaerts-Mahaney Financial Services was obtained by Omaha-based Carson Group, shifting control of more than $314 million in client assets to the quickly growing RIA. Carson Group grows to over $41 billion in assets, including recent acquisitions across the Midwest in Chicago and Cedar Rapids, Iowa. The Mommaerts-Mahaney brand will be replaced with the Carson Group acquisition but will maintain its Marquette offices.
What is RIA: Registered Investment Advisers are persons or firms that provide financial advice or investment management services to clients. RIAs are registered with either the U.S. Securities and Exchange Commission (SEC) or a state securities authority, depending on the amount of assets under management. Unlike broker-dealers, who often earn commissions and are not always held to the same standard, RIAs operate under a fiduciary duty, meaning they are legally obligated to act in their clients’ best interests. Their services often include portfolio management, financial planning, and guidance on retirement and wealth strategies.
What they're saying: “Today marks an exciting milestone for Carson Group as the Mommaerts team chooses to become wholly owned and place their trust in us long-term,” said Burt White, CEO of Carson Group. “(Mommaerts) has done an impressive job growing his team and his business, and this transition will allow him to focus more on the firm’s clients, while allowing us to manage daily business operations. We’re here to make things easier for our advisors and partners, and we’re thrilled to be able to do this for our new Carson Wealth office in Marquette.”
What's next: Carson Group announced that clients will remain with the existing advisory team in Marquette, while gaining access to a broader range of financial planning tools and technology. The firm also stated it will offer added strategic and operational support aimed at helping the Marquette office expand its services and operations over time.
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