tru Independence, (“tru”) a national independent advisory platform servicing approximately $12.5 billion in assets, has announced the location of its new headquarters in downtown Philadelphia. This choice reflects tru’s growing presence on the East Coast while fulfilling founder and CEO, Craig Stuvland’s longstanding vision of expanding the firm to serve advisors from coast to coast.
The strategic decision to establish an East Coast headquarters at 2400 Market St. followed a year of record-breaking growth for tru in 2023. This expansion plan was driven by Philadelphia’s recent emergence as a prominent financial hub, attracting significant attention from advisors and industry talent, including both local and national financial services firms. tru’s leadership recognized the need to extend operational reach and accommodate a growing workforce, prompting this decisive move. As a part of this expansion, the firm has onboarded seven new hires across crucial back-office functions such as sales, compliance, human resources, accounting operations and IT.
The emphasis on hiring quality, experienced support staff follows tru’s substantial growth in assets in 2023. The firm attracted six new advisory teams collectively servicing a total of over $4 billion in assets—a 400% increase compared to 2022. This growth reaffirmed the need for the new headquarters, aligning with the organization’s strong momentum.
“Our choice of Philadelphia as the location for our new East Coast headquarters was strategic, allowing us to tap into the area’s rich talent pool and establish ourselves within a central industry hub,” said tru Independence’s founder and CEO, Craig Stuvland. “The exceptional talent we have recruited and assembled at our Philadelphia headquarters has significantly bolstered compliance, operations, IT and HR functions for our community. Further, the addition of Max Camp as our Director of Advisor Experience has had a huge impact on our business operations, particularly in our recruiting efforts.”
Several of the advisory teams that joined the tru platform in 2023 are located on the East Coast, necessitating the need for a brick-and-mortar presence. Seven Mile Advisory, a $1 billion family office in the New York City area, was among the first to come on board in April, followed swiftly by Gainline Financial Partners and Crossover Capital Advisors. May marked the official the launch of truView™, a crucial component of the firm’s Experience As a Service (“EAS”) platform. Situated at the intersection of fintech, behavioral finance and human capital, the EAS platform served to catalyze tru’s growth in 2023, prioritizing the enhancement of the overall client experience by providing an intuitive and efficient solution to the tru community.
In September, New York advisory firm Sykon Capital was launched on the tru platform. Shortly thereafter, 44 North Capital, a Vermont-based wirehouse breakaway, chose tru as a partner. Notably, the latest addition to the tru community marked a significant milestone, as the largest firm to join tru to date. SpirePoint Private Capital, headquartered in Vero Beach, Florida, managing $1.9 billion in assets entered into a partnership with tru to drive growth and innovation.
Recruitment efforts in the final quarter of 2023 have yielded positive results, buoyed by the proven value of the EAS platform. Looking ahead to 2024, tru aims to build on the exponential growth experienced in 2023. The company is engaged in discussions with a robust lineup of prospects, with an estimated 60% of them situated on the East Coast. This further reinforces and validates the decision to expand the firm’s presence in that region.
During this year of notable growth, the team at tru has been focusing on the significance of organic expansion and the quality of experiences provided to advisors. The firm recently hosted its second annual advisor conference, Canvas 2023, in Phoenix, Arizona bringing together industry leaders for critical discussions that shape the future of financial advice.
For more information about tru, contact Max Camp at max@tru-ind.com.
About tru Independence
Founded in 2014, tru Independence is a leader in delivering independence optimized to established RIAs and breakaway advisors seeking to grow their business efficiently and effectively. Drawing upon decades of industry experience, tru Independence is a service delivery firm that creates a unique experience for its community of advisors through the combination of behavioral finance, fintech and human capital. The breadth and depth of this expertise allows advisors to focus on client services, while tru focuses on being a fiduciary, growth and service excellence partner. For more information, please visit www.tru-ind.com
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