Carson Group has hired Matt Humphrey, a former wealth executive at United Bank, to lead the part of its business that employs advisors directly, according to InvestmentNews and WealthManagement.com. Both outlets reported the news on October 13.
WealthManagement.com reported that Humphrey is joining the firm as a divisional president. Research notes citing a separate report say he will lead the integrated W-2 channel at Carson, which both outlets describe as a $65 billion RIA aggregator.
InvestmentNews described Humphrey as a West Point graduate and former Goldman Sachs advisor. The research notes add that he spent eight years as an Aviation Officer in the U.S. Army before becoming a private wealth advisor at Goldman Sachs.
Most recently, according to the research notes, Humphrey headed Wealth & Investment Management at United Bank and was CEO of United Brokerage Services. The notes say he oversaw more than 100 advisors who supervised over $12 billion in client assets.
The hire follows an organizational change at Carson. WealthManagement.com reported that Humphrey arrives several months after the firm created dual teams to serve its W-2 and independent RIA channels. Earlier coverage from that outlet said each home office team can now concentrate exclusively on the needs of its own channel.
In June, according to the research notes, CEO Burt White named Scott Conroy, previously head of business consulting, to lead the independent channel. The same earlier coverage said White was then looking for an experienced RIA leader to run the W-2 channel. Humphrey's appointment seems to answer that search, though the sources reviewed do not say so explicitly.
Carson is based in Omaha and is among the more active acquirers of advisory practices, according to the research notes. They say the firm frequently brings in teams as independent 1099 affiliates, while also maintaining its own employee model. A Carson announcement dated October 8 puts assets at more than $65 billion and describes an advisory network of more than 165 partner offices, including over 50 Carson Wealth locations.
For a working advisor, the practical point is that employee advisors now have a dedicated divisional leader in the home office, separate from the team serving independent affiliates. The sources reviewed do not give a start date for Humphrey or detail his plans for the channel.