At a glance
- Seaton, previously chief operating officer and then president, said the hard part is balancing an entrepreneur's "gut instinct" with growth and profitability for partners and stakeholders.
- The firm, founded in 2001, manages $7 billion across 50 advisor partner firms.
- Bill Sowell remains active and led the April launch of Cache River Private Wealth, a division for households with $5 million or more in net worth.
Daryl Seaton took over this year as CEO of $7 billion Sowell Management in a planned succession from founder Bill Sowell, WealthManagement.com reported from RIA Edge Austin. He told advisors on Tuesday that succeeding a founder was the hardest thing he has tried.
Seaton, previously chief operating officer and then president, said the hard part is balancing an entrepreneur's "gut instinct" with growth and profitability for partners and stakeholders. He said capital partners look for evidence of both, a test principals face when handing a firm to a successor while outside investors hold equity.
Sowell sold a minority stake to Merchant in May to fund its Advisor Partnership Program, which Seaton said lets more advisors share in equity. The firm, founded in 2001, manages $7 billion across 50 advisor partner firms. Bill Sowell remains active and led the April launch of Cache River Private Wealth, a division for households with $5 million or more in net worth.
Reported by the RIA desk from WealthManagement.com. Published . Corrections