HB Wealth, an Atlanta-based RIA integrator with $29 billion in assets, has lifted a five-person team managing nearly $15 billion in assets from J.P. Morgan. As a result, HB, which rebranded from Homrich Berg in August, will open an office in Charlotte, N.C., where the team is located.
HB Wealth CEO Thomas Carroll said one of the RIA firm’s top strategic initiatives is to grow its presence in the Southeast.
“We had this gap in our geography between the Georgia marketplace and Maryland, and the Carolinas are right in the middle of that,” Carroll said. “We’re happy to find this team that was looking to do something smaller, a little more entrepreneurial, and an organization that focused on wealth management, and that’s all they did.”
The team is led by Matthew Moore, Andrea Smith and Rebecca Warner, who join HB as senior wealth advisors and shareholders. They’re joined by Jared Green, advisory associate, and Ana Pena, senior administrative associate.
Carroll said there are five major metropolitan areas in the Carolinas, and this team has clients across all those submarkets.
“Charlotte’s thriving financial community and growing population make it a natural next step for our firm, and establishing a presence here allows us to better serve one of the Southeast’s most dynamic markets,” he said in a statement.
The firm recently rebranded to unite its offices under one name. The original Homrich Berg name came from the firm’s founding in 1989 by Andy Berg and David Homrich to work with families, individuals and not-for-profit organizations. Berg is still a chairman and shareholder at the firm after stepping down from the CEO position at the beginning of 2024. Homrich left in 2001 to join Home Depot founder Arthur Blank in forming a family office.
In July, the firm launched an equity participation program for non-shareholder employees and new hires. Employees who participate in the program will benefit from any liquidity event or recapitalization. TPG Growth and New Mountain Capital, the RIA’s minority investors, supported the initiative.
In December 2024, HB Wealth made its largest acquisition with WMS Partners, a multi-family office and RIA based in Towson, Md. The firm merged with HB’s family office.