Carson Group names Matt Humphrey to lead W-2 advisor channel

Carson Group has named Matt Humphrey, a Goldman Sachs and United Bank alumnus, to lead its integrated W-2 advisor channel as a divisional president, WealthManagement.com reported.

In June, Carson CEO Burt White told employees the work would be divided and appointed Scott Conroy, previously the firm's head of business consulting, to run the independent channel. Conroy told WealthManagement.com that White wanted "someone with some experience and outside thinking" for the integrated W-2 side. White said in a statement that Humphrey "brings the combination of leadership, operating experience and advisor perspective we were looking for."

Humphrey began his career with eight years as an Aviation Officer in the U.S. Army, then worked as a private wealth advisor at Goldman Sachs. As head of Wealth & Investment Management at United Bank, he oversaw more than 100 advisors supervising over $12 billion in client assets, according to WealthManagement.com.

White said existing Carson 1099 advisors have grown increasingly interested in moving on board. He cited firm valuations and higher interest rates that can make buying out founders harder, plus a wish to spend less time on operations. "We see the trend of independent advisors considering W-2 as only accelerating over the years ahead," White said. He also described the dual structure as a way for firms to "date" Carson through the 1099 channel for several years before committing to a W-2 partnership.

Carson is one of the most active RIA acquirers, per WealthManagement.com, and its additions often arrive through 1099 affiliation.