SageView Advisory Group CEO to Be Replaced by SVB Private Executive

Retirement plan-focused registered investment advisor SageView Advisory Group CEO and founder Randy Long was named chairperson as the firm continues to expand into wealth management. Former Silicon Valley Bank private wealth head John Longley will be CEO, both effective September 1.

Longley most recently served as President of SVB Private, a division of First Citizens Bank & Trust Co. He held that leadership role after being promoted from head of SVB Private’s Private Bank, Wealth and Trust unit.

His previous roles include President, Western Region of Boston Private. He co-founded and served as CEO of Dobot, a digital financial advisory platform, which was acquired by Fifth Third Bank. Longley was also Head of Private Wealth BlackRock/iShares and CEO of Citi Private Bank N.A. at Citigroup.

“This is the ideal time for me to join SageView as CEO and continue the firm’s tremendous success experienced under Randy’s leadership,” said Longley. “I am confident of our ability to accelerate growth as we launch the next phase of our long-term vision.”

Long launched SageView in 1989 as a retirement plan firm, eventually growing the practice to its current pool of 2,100 retirement plan clients, representing about 1.7 million participants and $170 billion in assets.

Aquiline Capital Partners, a private equity group, acquired a majority share in SageView in 2021 with the intention of expanding its wealth management profession through acquisitions and organic expansion. Since then, the firm has completed nine transactions, boosting its assets under management to $4 billion.

SageView competes in a growing market for wealth and retirement aggregators, which includes CAPTRUST Financial Advisors, OneDigital, and Hub International Limited. Private equity has been a crucial driver of industry consolidation, with each of these companies receiving financial infusion from private equity firms.