GCG Advisory Partners Adds First Hybrid RIA in Rhode Island
GCG Advisory Partners has added its first hybrid registered investment advisory firm in Rhode Island, making it the first practice to join GCG with the multi-platform option for clients.
East Providence-based BlueChip Financial Advisors, founded in 1998, provides wealth management services, including financial planning and investment management, to high-net-worth clients, including trusts, estates, and charitable organizations, according to the firm’s Form ADV Part 2 Brochure, updated on December 31.
As part of the acquisition, BlueChip has become GCG’s anchor partner with a presence in southern New England, and managing partner John Lemme and partner Michael Moretti will join GCG as equity partners, the firm said.
GCG will also play a pivotal role in working directly with Lemme, as he aims to transition out of his role at BlueChip and to position Moretti as the leader of the firm.
BlueChip Financial Advisors oversees about $104 million in assets under management across 342 accounts, according to the firm’s Form ADV, updated on February 13.
“We built this firm one relationship at a time over more than 25 years, so choosing a partner was not a decision we took lightly,” Lemme said. “GCG was the only one that understood our priority was protecting our clients and our name, not changing them.”
GCG’s latest addition also marks the launch of the firm’s first custodial affiliation with Fidelity Institutional Wealth Services, in a move that further lets clients gain access to a broader corporate broker-dealer and RIA platform.
Specific terms of the transaction were not disclosed.
Through the transaction, BlueChip will retain its branding, and its team will gain access to GCG’s full back-office support, including compliance, trading, billing, and technology.
Recently, GCG added Knoxville, TN-based Head Investment Partners, which manages $180 million in total client assets.
Charlotte, NC-based GCG Advisory Partners, the parent company of GCG Wealth Management, offers GCG acquisition, succession, and liquidity deals for advisors, the firm said.
