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Financial Advisory  + Alternative Assets  + Private Equity  + RIAs & Financial Advisors  | 

RFG Advisory Unloads “Substantial” Stake to Long Ridge Equity Partners

RFG Advisory, a hybrid registered investment advisor platform with approximately $4 billion in assets under management and 100 advisors, has received a “substantial” investment from Long Ridge Equity Partners, a private equity firm focused on the financial and business technology sectors, in its first outside capital raise.

Specific financial terms of the deal, including the size of Long Ridge Equity’s stake, were not disclosed.

Founded in 2003, Birmingham, AL-based RFG will continue to operate under its existing leadership team, including Founder and CEO Bobby White, President Shannon Spotswood, and CIO Rick Wedell.

“With the rise of large RIA platforms and aggregators, many advisors are feeling captive to their new firms. We are 100% committed to supporting our advisors’ independence and entrepreneurial goals,” said White.

Long Ridge Equity Partners previously owned a minority investment in Omaha-based RIA behemoth Carson Group. The private equity firm led a $35 million investment in Carson Group in 2016 and sold its holding to Bain Capital in 2021.

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RFG Advisory

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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