Carson Broadens Equity Path to W-2 Advisors
Carson Group, an Omaha, Neb.-based registered investment advisor with over $60 billion in assets under management, has launched an equity program that provides ownership opportunities for W-2 advisors and team members in operational and support roles, according to an announcement from the firm.
The acquisitive Carson has, for years, given equity opportunities to founding advisors who join the firm’s W-2 employee channel through a sale. But the new program will broaden ownership, allowing high-growth advisors in the final year of their acquisition-related incentives to participate in equity ownership, according to the RIA. It will also offer new equity potential for next-generation advisors and operational team members who previously had no path to owning shares, Carson Group CEO Burt White said.
“Our business is built by exceptional people, and this new equity program reflects our belief that the advisors and team members creating long-term value for Carson should have the opportunity to share in that success,” White said in a statement.
Equity sharing is an ongoing pressure point in the aging RIA founder space. According to a recent survey of RIAs that custody with Schwab, only one in three RIAs has a documented path to an equity stake for employees. For RIAs offering equity, 49% said the primary reason is to retain key talent, 30% said it is to support a succession strategy, and 11% said that sharing company ownership helps with management continuity.
Carson was founded by Omani Carson in 1983, offering wealth management to clients, along with advisor coaching and, eventually, a 1099 partner option for other RIAs. He is still the majority shareholder, according to filings, with the remainder being held by employees and minority investor Bain Capital.
White, who took over the CEO role in April 2024, told Wealth Management last week that, in recent years, the firm had tilted more toward its W-2 employee channel while continuing to support its 1099 partner channel, including the recent creation of dedicated teams for both channels. White said the firm will likely remain about two-thirds integrated and one-third independent advisors.
The new equity program will be another draw to Carson’s W-2 channel. The RIA said in its announcement that it is designed to attract and retain next-generation advisor talent as firm valuations rise and ownership transitions become more complex.
“Over the past several years, we’ve spent a great deal of time listening to advisors about what they want from a long-term partner,” White said. “One theme came through consistently: They want the opportunity to be part of what we’re building.”
Carson has a network of 165-plus partner offices, including more than 50 Carson Wealth locations.