Ascentis Holdings is forging a uniform platform between three established businesses, including Ascentis Wealth Management, Ascentis Asset Management and Golden State Equity Partners, which is becoming Ascentis Independent Advisors under the new structure.
Michael Mansur and Clint Sorenson are the wealth and asset arms’ respective CEOs, while Ascentis Independent Advisors, which will serve independent advisors operating under their own brands, is led by John Nahas, who co-founded Golden State Equity Partners.
In total, Ascentis employs 43 advisors throughout 16 states, with over $2 billion in client assets.
According to Mansur, the new structure will give advisors autonomy while being backed by “institutional depth,” including operational support (such as a shared technology platform) and investment resources, particularly greater backing for opportunities in alternatives.
Ascentis Independent Advisors is for fee-based advisors who prefer to work under their own brands while retaining access to the same support and backing (AIA includes the fee-based business and the affiliations previously doing business as Golden State).
Ascentis Wealth Management works with advisory teams operating under a shared brand and centralized infrastructure, while Ascentis Asset Management merged WealthShield, Sorenson’s previous asset management business, with Golden State’s asset management program.
AIA and AWM will allow advisors to choose the operating model that best fits their practice, with AWM wealth employees operating as W-2 employees and AIA independent advisors operating as 1099s. The firm plans to grow organically and via acquisition in the coming year.
Mansur is based in Dallas and joined the industry in 1998, with stints at Morgan Stanley and Stifel before co-founding Castleview Partners in 2015, and joined ORG Partners as President and a founding member in 2019.
In an interview with Wealth Management, Mansur said he first met Sorenson in 2018 when his firm was a client of Sorenson’s WealthShield, with Nahas’ Golden State as a peer company. Over time, the group realized their affinity for working together, each with their own skill set.
Mansur recalled that all three were approached numerous times by successful private equity firms interested in funding their endeavor. However, Mansur found that financial engineering through these PE firms “can really be toxic to the advisor and then end client,” with offers making it clear the PE firms intended to flip the firm at some point.
“It’s really through those shared experiences post-COVID that we really started talking in earnest about coming together to build a firm where we collectively could deliver a great service to independent business owners, meaning the independent advisors at AIA, offer a platform with scale for the partners in the wealth channel,” and enhance the asset management offerings, Mansur said.
Additionally, Mansur noted that, because they weren’t PE-backed, the firm wasn’t “locked into an artificial timeline,” as its owner planned to sell it in several years.
According to Mansur, the restructuring will better enable advisors to access alternative investment opportunities through the company’s asset management arm.
However, Mansur recalled his work as a standalone advisor, where he tried to conduct due diligence on outside investments and found it very challenging. A larger firm will have greater buying power, but it also brings the “intellectual capital and resources” to underwrite the opportunities that buying power affords a firm.
“Through our platform … we not only have the scale to access, because these sponsors want to make sure that there’s dollars to invest, but also the intellectual capital to do due diligence to protect clients and enhance your opportunities,” Mansur said.
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