Serial entrepreneur Joe Duran launches Rise Growth Partners, a new venture investing in registered investment advisors (RIAs). The firm aims to empower advisors to become the next generation of national brands.
Troy D. Hanson
September 12, 2023
Serial entrepreneur Joe Duran recently announced the launch of his latest venture, Rise Growth Partners. This new firm aims to invest in registered investment advisors (RIAs) and empower them to become the next generation of national brands.
Duran's vision for Rise Growth Partners is clear: "Our goal is to build the next generation of national firms and we will give them the capital and knowledge necessary to do it." The firm will specifically target RIAs with assets under management (AUM) ranging from $750 million to $5 billion. In exchange for a minority stake of approximately 30%, Rise will provide advisors with invaluable guidance and assistance on how to enhance the operations of their firms and achieve organic and inorganic growth.
Duran acknowledges that many interested parties are eager to acquire RIAs, but he believes what sets Rise Growth Partners apart is their unique ability to help advisors truly expand their businesses. "They need more than money," Duran explains. "They need a road map." The firm has already engaged in discussions with over a dozen RIAs regarding potential partnerships.
Looking ahead, Duran aims to raise approximately $200 million for Rise Growth Partners. He is confident in his ability to attract investors, as he has recognized a significant appetite for wealth management opportunities. Duran emphasizes that Rise Growth Partners represents his third entrepreneurial endeavor. Having launched United Capital in 2005, which later became one of the leading wealth management firms among RIAs, Duran chose to take a new direction after Goldman Sachs acquired United Capital in 2019 and subsequently sold it to Creative Planning last month. Earlier this year, Duran stepped down from his role as co-head of the Workplace and Personal Wealth division at Goldman Sachs.
In his pursuit of making a broader impact, Duran made the deliberate decision to launch Rise Growth Partners, aiming to facilitate the growth of the next generation of RIA leaders. His entrepreneurial spirit remains undeterred, and his dedication to supporting RIAs on their journey towards establishing national brands is unwavering.