Larry Roth, the former CEO of two of the largest independent broker/dealer networks, has rebranded his growth strategy consultancy, RLR Strategic Partners, to Ascentix Partners. In conjunction with the rebrand, Roth has also built out his executive team, hiring Jim Nagengast, former CEO of Securities America, the broker/dealer that has since been consolidated into Osaic, as partner, among others.
Jim Roth, the former senior vice president of enterprise sales and solutions at BetaNXT, joins Ascentix as a partner, as does Todd Glassman, who runs Exelis Group, a boutique C-Suite advisory firm.
“The consolidation in our industry has provided, in many cases, senior-level executives who are still young and still have quite a bit of gas in the tank and financial wherewithal, now that they’ve been through several transactions,” Roth said about the hires. “There’s talent out there.”
Joe Kuo, CEO and founder of Haven Tower Group, joins as co-founder and managing partner, and will continue to serve in his role at the public relations firm. Katherine Paulson, a partner and CMO at Haven Tower, will serve as CMO of Ascentix. Drew Brophy continues to serve as chief of staff.
The firm has also launched the Ascentix Partners Network, an alliance of independent consulting firms focused on the wealth management industry. These partners bring different expertise to the network and will collaborate to bring that knowledge to RIAs and dual-registered advisors. They’ll also coordinate efforts to serve the wealthtech, regtech and investment management sectors.
The network includes BridgeMark Strategies, a financial advisor M&A consultancy led by Jeff Nash; GreenLine Consultants, a tech strategy and execution firm represented by Hilda Wong-Doo; Sander Ressler’s Essential Edge Compliance Outsourcing Services, focused on compliance, supervision and regulatory affairs; Advisor Group Benefits, focused on advisor and enterprise benefits strategy and represented by Chris Paulitz; and Haven Tower Group, the brand strategy, marketing and PR firm led by Kuo.
“One of the single biggest issues that we’re really trying to solve for is the extreme fragmentation that exists when it comes to high-quality, expert, third-party consultancies that are actually among the best at what they do when it comes to their professional discipline, whether it’s compliance, brand strategy, marketing, PR, corporate finance, advisor M&A, enterprise M&A, etc.,” Kuo said.
“With Ascentix and our network of strategic partner firms, we offer clients a seamless solution, backed by unmatched experience and deep-rooted, value-add relationships across the wealth management ecosystem,” Roth said in a statement.
In his new role, Nagengast will focus on growth strategies across the RIA and broker/dealer spaces.
Nagengast was previously the long-time president and CEO of Securities America, one of the IBDs consolidated into Osaic as part of that firm’s “Journey to One” initiative. He departed in early 2024, after 30 years with the company, starting as vice president of finance in 1994.
In April of this year, Nagengast filed a complaint in Delaware federal court against Osaic and Artemis Holdings, the firm’s holding company, claiming a “breach of contract.” The public complaint is heavily redacted, but some details are left readable. The complaint focuses on allegations that the broker/dealer refused to pay him what he believed he was owed concerning a private placement sale made to certain employees last year.
Roth launched RLR about 10 years ago after a long history as an executive in the independent broker/dealer space. He partnered with middle-market investment bank Berkshire Global Advisors to help facilitate transactions for both strategic buyers and private equity firms interested in the wealth management space.
Prior to launching, Roth was CEO of Cetera Financial, during the company’s ownership under RCS Capital. He navigated the firm through a prepackaged Chapter 11 process. He also guided AIG Advisor Group (now Osaic) through the 2008-2009 financial crisis.
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