Arax Investment Partners, a wealth and asset management platform firm backed by RedBird Capital Partners, has announced it has acquired Schechter Investment Advisors, the RIA business of Schechter, a boutique wealth advisory and financial services firm in downtown Birmingham.
Overall, Schechter has $4 billion in assets under management as of May 28. Financial terms of the transaction were not disclosed.
The deal marks the latest expansion of Arax’s platform, as it looks top expand its presence in high growth markets across the United States through strategic partnerships with leading wealth management advisory teams.
Expanding the firm’s footprint and ability to meet client needs in the Midwest, Schechter Investment Advisors will join Arax Advisory Partners, Arax’s coalition of independent firms focused on specialized services, investment advice, and planning solutions for high-net-worth families, individuals, and institutions.
Schechter’s Advanced Design Life Insurance business will remain a separate, independent entity.
Servicing clients across the United States, Schechter Investment Advisors’ veteran advisory team has been providing financial advice to ultra-high-net-worth families for over 80 years. Upon close, the Schechter Investment Advisors team will merge with Arax Advisory Partners.
Existing clients will benefit from the expanded range of planning and investment solutions offered by the Arax platform, and advisors will receive the strategic business development opportunities and expertise necessary to grow their business and provide an enhanced overall client experience, according to Arax officials.
“For almost a century, we have found success by reaching across the financial landscape to identify the strategies and opportunities that best serve our clients and their goals,” says Marc Schechter, CEO of Schechter.
“By joining the Arax platform, we benefit from the additional expertise, infrastructure, and resources, which will allow us to focus even more on what matters most: our clients. We’re excited to take this next step while preserving the relationships and values that have defined us for generations.”
Haig Ariyan, CEO of Arax, says, “Schechter Investment Advisors was a natural fit given our complementary values and aligned strategic visions, as well as Arax’s focus on building capabilities in the Midwest.”
Schechter is a boutique, third-generation wealth advisory and financial services firm. For more information, visit here.
Arax Advisory Partners is a privately owned, independent Registered Investment Advisor specializing in customized investment platforms and highly sophisticated wealth planning solutions for high-net-worth families and individuals, businesses, and foundations. The firm is headquartered in Denver, and has offices across the country.
Arax Investment Partners is boutique wealth management platform making strategic control investments in leading RIAs and elite advisor teams. For more information, visit araxpartners.com.
