Moneta announces first-ever expansion beyond St. Louis

The nation’s No. 4 ranked independent RIA plans Denver location after a long history of making the “Gateway to the West” its exclusive home

ST. LOUIS, MO – Moneta, ranked by InvestmentNews as the Midwest’s largest fee-only Registered Investment Adviser (RIA)* with more than $20 billion in assets under management (AUM), named Denver as the first expansion market of its long company history of purely organic growth from a single market. The wealth management firm Barron’s ranked No. 4 in the nation for its combination of quality and scale initiated its enhanced sustainable business strategy targeting inorganic growth into at least two other cities during the next five years.

“Inorganic growth in the financial services industry is often associated with the term, ‘aggregator,’ meaning a large firm in the business of acquiring other firms. We are not an aggregator, nor are we looking to become one,” said Eric Kittner, Moneta’s Managing Partner and Chairman of the Board. “Our strategy is a hybrid between organic and inorganic growth models, largely driven by our client-first approach. We’re not only in the business of buying firms. Advisors can come into the Moneta model and stay very independent in how they run their business while also gaining access to our large-firm resources.”

Media Coverage

City Wire:
$20bn Moneta eyes expansion with Denver office launch

St. Louis Business Journal:
After 150 years, $20B Moneta names first expansion market

Denver Business Journal (requires subscription):
Why this $20B St. Louis-area investment firm chose Denver for its first expansion

While the move positions Moneta to grow through mergers and acquisitions as a solution for businesses looking to sell, that is not the only objective. In Denver, Moneta anticipates new Partners joining the firm through established advisory practices that could benefit from Moneta’s size and scale while still working within an independent firm without external shareholders. Moneta will also send some of its internal talent to Denver to serve its existing client base there – one that already equates to the size of many of the market’s established RIAs in terms of AUM.

“Independent advisory practices across the country are trying to figure out what the next chapter of their business looks like,” Kittner said. “Can they do it on their own internally or do they need help? What solutions allow them to remain independent? Moneta’s unique structure, growing from the ground up, maintains that entrepreneurial spirit and freedom many independent advisors do not want to give up. As part of “One Moneta,” they can spend more time with clients, grow their business and develop their next generation of Partner and owner.”

This shift in Moneta’s tactical approach to business development marks the company’s latest of many evolutions driven by evolving client needs. Moneta is now focused on developing an industry-leading platform to empower RIAs with the resources and support they need to enhance their client service experience – but Moneta is more than just a platform.

“We continually pursue growth because our clients deserve and expect the highest level of service and expertise,” Moneta President and COO Keith Bowles said. “At Moneta, our culture is to invest in our processes, our people and our technology to ensure the best possible client experience. Growing our business beyond the St. Louis market allows us to make these investments to ensure we continue to provide a level of service that our clients can’t find anywhere else. This also improves the service provided by our Enterprise Service Team (EST) to a level our 22 advisor teams can’t find anywhere else.”

Moneta’s centralized EST features nearly 70 people serving all of Moneta’s advisory teams across all markets. The platform leverages strategic planning and operational efficiencies in practice management: technology, human resources, legal compliance, business intelligence and marketing. This empowers Partners and Advisors to spend less time running their business and more time with clients proactively planning the achievement of their financial goals.

Because Moneta is more than just a platform, the firm’s advisory teams can also enhance client service by leveraging the firm’s institutional knowledge developed from extensive experience and a unique structure. All 22 St. Louis-based teams work together from a single location where they share best practices. As Moneta Partner Dave Sadler said, “If you don’t have a specific expertise within your team, it’s rare that you can’t find it within the walls of Moneta. It’s incredibly powerful.”

Moneta built its current Partner base in St. Louis by recruiting entrepreneurial business leaders and developing advisory talent internally. The firm’s innovative proprietary career advancement systems produced “Moneta University” and its “Partner-in-Training” program, establishing Moneta as an industry leader in succession planning and sustainable business practices driven by organic growth.

This approach remains core to Moneta’s model, as does the firm’s insistence on making every business decision through the lens of what benefits clients most. Moneta frequently seeks the perspective of its Client Advisory Board, even on major decisions like market expansion.

“Putting our clients first put us on a growth trajectory that took us to where we are today and is now leading where we are going,” Kittner said. “It isn’t growth for growth’s sake or because bigger sounds better and more impressive. We don’t have external investors or private equity dollars demanding it. We’ve always gone to the next level for our clients. As our firm continually evolves itself to meet evolving client needs, our client-first legacy will never change.”

About Moneta

Moneta Group Investment Advisors LLC, nationally ranked No. 4 among independent RIAs by Barron’s for its combination of quality and scale, delivers a level of service and loyalty to its clients that only a completely independent, 100% employee-owned company can offer. Moneta provides a full spectrum of financial planning services to successful individuals and families, empowering them to navigate life’s path and protect what they cherish. For closely held businesses and organizations, Moneta’s experienced and fully-dedicated retirement plan consulting professionals design custom sponsor plans through a high-touch process with a passionate emphasis on improving the retirement outcomes of their employees.

InvestmentNews ranked Moneta as the Midwest’s largest fee-only RIA with more than $20 billion in AUM and 300 employees. The firm consistently earns praise for the way it invests in and takes care of employees, named as a top place to work by publications such as InvestmentNews, the St. Louis Business Journal and St. Louis Post-Dispatch for six years in a row.

© 2019 Moneta Group Investment Advisors, LLC. All rights reserved. These materials were prepared for informational purposes only. You should consult with an appropriately credentialed professional before making any financial, investment, tax or legal decision. Past performance is not indicative of future returns. These materials do not take into consideration your personal circumstances, financial or otherwise.

*Certain Moneta advisors retain insurance licenses and receive commissions directly from unaffiliated third-party insurance companies.

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