Mary Beth Storjohann, who merged her firm Workable Wealth into impact investing-focused Abacus Wealth Partners in 2019, has stepped down from her role as co-CEO of Abacus to launch her own registered investment advisor. Neela Hummel, Storjohann’s co-CEO since 2022, will now serve as sole CEO of Santa Monica, Calif.-based Abacus.
“We are deeply grateful for [Storjohann’s] contributions in shaping the firm’s strategic vision, fostering a culture of inclusivity and championing solutions that have strengthened both our team and the client experience,” Abacus said in a statement.
Storjohann will remain a partner at Abacus, but she’s in the process of building her new RIA, Allora Wealth, which will go live in July or August. She said she made the move because she was craving a more entrepreneurial environment, one with more nimbleness.
“I knew what Workable Wealth looked like, and behind the Abacus door, I could make a larger impact by being there,” she said. “Now, when I evaluated, I looked at the Abacus door and knew what that looked like, and I felt I could make a larger impact by being back out on my own again. And that’s what prompted me to make this move.
“For me I’ve always felt connected to the entrepreneurial community in the financial services industry, and as much as I’ve loved Abacus and it’s a piece of my story, it feels a little bit like coming home for me to be back in this seat and building something again.”
Storjohann said she’ll bring over some clients from Abacus, but she declined to say how many. She expects to hire a client service associate and an advisor in the next year.
She’s deciding between Schwab and Altruist as her main custodian and said she’ll likely use Betterment as well. She’s also considering Jump as her AI assistant and Redtail for CRM.
Abacus was founded in 1996 by Brent Kessel, who later merged his firm with Spencer Sherman’s. In the last two decades, the firm has grown from seven to nearly 70 employees and from $200 million to nearly $3.3 billion in total assets. The firm recently added Betterment and Fidelity as custodians, according to an ADV filing. It also uses Schwab.
“We are confident that with Neela at the helm and our talented leadership team in place, Abacus is well-positioned to continue making a meaningful difference in the financial lives of our clients and communities,” the firm said.
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