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.