The new business will offer wealth management services to high net worth individuals and families.

US-based Live Oak Bank has launched Live Oak Private Wealth, a registered investment advisor that will provide wealth management services to high net worth individuals and families.

Andy Basinger, Jason Carroll, Bill Coleman and Connor Keller will serve as managing directors for Live Oak Private Wealth, it said in a statement.

Basinger joins Live Oak with more than 16 years of experience in wealth management, bringing a focused expertise in financial planning. Carroll has been with Live Oak Bank for five years and has more than 20 years of experience in the investment advising and financial services industries. 

Coleman joins Live Oak with 32 years of experience in investment advising. He previously served as an executive and financial advisor for a large regional brokerage and investment banking firm. Keller joins the firm with 20 years of experience in investment management. He previously served as a financial advisor for a large regional brokerage and investment banking firm. 

“Live Oak Private Wealth is an opportunity to build on the financial services we offer to our clients,” said Live Oak Bank president, Scott Custer. “We have set up an extremely talented team that is able to deliver a unique approach while leveraging technology to innovate in new ways across the industry. We understand the complex obligations affluence affords and the strategies clients need to ensure their wealth continues to grow and prosper. Live Oak Private Wealth offers a new approach to help clients achieve their goals. By leveraging the financial expertise each advisor brings to the team, combined with Live Oak’s cutting-edge ecosystem, we bring clients the proven and trusted guidance they expect and deserve.”

A number of RIAs have been launched in recent weeks. For example, Canopy Wealth Management, set up by former Northwestern Mutual senior figures, officially opened for business, and has offices in Middleton, Wisconsin and Southfield, Michigan. The business oversees more than $600 million in assets. Landsberg Bennett Private Wealth Management  launched in Punta Gorda, Florida. Such launches continue a trend of industry figures breaking off from established business to forge new firms, sometimes working with groups such as Dynasty for specific services they cannot perform in-house. This publication recently interviewed Dynasty about how it provides capital to certain types of RIA, for example. The wealth sector has seen its share of M&A activity as well as launches of new players and expansions. Other recent newly-launched firms include Dakota Wealth, EPIQ Capital Group and Sanctuary Wealth Partners.