Phil Fiore, CIMA, CEO and Co-Founder of Procyon Partners, joined Julie Cooling, Founder and CEO of RIA Channel, to discuss building an RIA firm after a long career at wirehouses.
Procyon is one of the brightest spots in the night sky, where two stars come together to serve as a navigational beacon. Procyon Partners offers two business lines, including 401(k) consulting and private wealth management.
Starting with $2 billion and acquiring 17 firms over seven years, Procyon Partners now manages $7 billion with ten partners and a team of 50. While the team is distributed across seven offices, it uses a common technology platform. Financial advisors have the freedom to build client portfolios given firmwide parameters on asset allocation and approved SMAs and mutual funds.
Fiore states that RIAs have the flexibility to bring exceptional solutions to clients, while wirehouses cater to the least common denominator. Procyon has launched its own alternative investment funds with services provided by CAIS and Atrato Consulting. By combining multiple alternative managers into a fund, clients need only complete a single set of documentation and receive consolidated tax reporting on a single K-1 form. Procyon offers multi-manager private equity product in a drawdown fund structure, while an evergreen fund combines a number of hedge fund managers and strategies.
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