Breakaway Wealth Management Trend Rolls On

Tom Burroughes

27 August 2019

Missouri-based StrongBox Wealth joins the ranks of new businesses partnering with Dynasty Financial Partners, and other organizations, as part of a “breakaway” trend of recent years.

Wealth advisor Chuck Cooper has formed StrongBox, having previously been managing director for investments at Cooper Wealth Management Group and before this, a branch manager for Wells Fargo Advisors in Missouri. The new business is based in Lee’s Summit.

“With StrongBox Wealth, we have intentionally built a business model for scalable growth. We plan to expand the firm through highly selective partner advisor additions, as well as establish an affiliated network model for breakaway advisors desiring to join an established RIA. We believe that many advisors seek an authentic client-first model combined with true independence,” Cooper said.

Cooper has been in the wealth management industry for more than 25 years. He graduated in 1992 from the University of Missouri-Columbia with a BS in business and is director and past-chair for Velocity Lee’s Summit, a resource group for entrepreneurs. He also supports the Greater Kansas City Community Foundation through its Regional Advisory Council.

Working alongside Cooper is Jon Garlow, CPWA®, founding partner of StrongBox Wealth. Previously, he was vice president – investment officer with Cooper Wealth Management Group of Wells Fargo Advisors. He has served on the board of directors for the Lee’s Summit Chamber of Commerce since 2013 and is its board chair, and has been on the Lee’s Summit Educational Foundation’s Advisory Board since 2017. He received his BS and MA from the University of Missouri – Columbia in 2003 and 2006.

Kathy Postoak is the director of operations. She has been an integral part of the team for over 20 years and is a registered client associate who specializes in client account administration and operation.

StrongBox’s clients include high net worth families, business owners and entrepreneurs in Missouri, Kansas, Colorado, Texas, Florida and Arizona.

Breaking away
Advisors are continuing to defect from large banks and wirehouses to set up on their own. They often need capital injections and want to avoid losing the independence they have tried to get in the first place. Organizations such as Dynasty are tapping into this trend. The trend also puts a spotlight on the ingredients for genuine wealth management independence – a subject debated by industry figures here recently.

Some breakaway deals have been large: wealth advisor Jason Fertitta and his team in late April announced a new wealth manager, called Americana Partners. It partners with Dynasty Financial Partners. The launch is the largest "breakaway" move by managers from a big firm so far this year, Dynasty said.

In May, this publication reported on how a team of former UBS advisors had built a new business, Great Diamond Partners, based in Portland, Maine.