Large Fixed-Income Team Goes Indie, Selects Arkadios Capital
SP Financial Moves to Independent Hybrid Broker/Dealer for Flexibility, Growth
SP Financial Group, one of the largest fixed-income teams in the country servicing the independent Registered Investment Advisor (RIA) channel, has left the wire and moved to Arkadios Capital.
Formerly with Raymond James, the group advises on about $3.5 billion in fixed income assets. David N. Summers IV, CFA®, and Joseph B. Patire lead the team, which includes industry veterans Shane Carpenter, CFA ®, Ross Nelson, Cameron Parkhurst and Michael Belote. Heading into its third decade as a team, SP Financial joined Arkadios Capital, a hybrid broker-dealer, because it offers greater independence, flexibility and an entrepreneurial culture with growth opportunities.
The move also reflects an industry trend, where successful financial groups are favoring independent, entrepreneurial partners over the traditional wirehouse model.
“There is a lot of synergy between SP Financial and Arkadios Capital,” said Summers. “With the independence and flexibility this platform offers, we’ll be able to continue to provide our clients with the high level of service and expertise they’ve come to expect, with the ability to expand our service offerings into areas our clients have been interested in, such as separate account management.”
SP Financial works solely with independent Registered Investment Advisor (RIA) firms, managing fixed income portfolios and providing comprehensive support. This includes personalized advice and analytics, portfolio construction, implementation and ongoing monitoring of accounts and holdings, with primary focuses on individual bond portfolios and closed-end funds.
“This is a huge pickup for Arkadios Capital,” said CEO and Founder David Millican. “David, Joe and the team give us an institutional bond desk with a proven, time-tested record. Most importantly, our businesses are similar in that we are both focused on client service and growing our businesses.”
After co-founding one of the fastest growing RIAs in the county, ACG Wealth, Millican launched Arkadios Capital in the spring of 2017. The company has more than doubled its revenue, grown from two employees to more than 20 and taken over a full floor of an office building in Atlanta’s financial district.
The privately held independent broker-dealer (IBD) provides tailored solutions to its affiliated independent wealth advisory firms. Along with a suite of high-end securities, bonds and mutual funds, the platform offers access to highly vetted private equity deals, real estate investments, debt products and other alternative investments missing in the larger IBD channels.
About Arkadios Capital
Arkadios Capital was founded by independent advisors with independent advisors in mind. With the highest ethical standards, the broker-dealer specializes in customized investment options focused on individual investors. Founded in 2016, the hybrid IBD has more than $1 billion in assets under management. For more information visit www.arkadioscapital.com.