Sowell Management, a registered investment advisor based in North Little Rock, Ark., with more than $6.5 billion in assets under management, has launched a new division focused on households with $5 million or more in net worth.<\/p>\n
Cache River Private Wealth aims to provide advanced planning, investment and marketing support for advisors serving clients with multi-generational wealth. Bill Sowell, the firm\u2019s founder, who recently stepped down as CEO<\/a> to lead strategy, said the new division will reflect a shift in client focus to \u201chigh-net-worth plus\u201d families seeking a broader, more comprehensive service.<\/p>\n \u201cWhat I\u2019ve seen as a financial advisor, and in our business working with all the advisors we do, is that needs have changed,\u201d Sowell said. \u201cNot just necessarily the fact that people have more investable assets, but their expectations from a financial advisor have changed.\u201d<\/p>\n Sowell differentiated the division from a family office, which might wade into areas such as helping ultra-high-net-worth individuals buy vacation homes. Rather, he and the firm see strong demand for \u201cfamily office lite\u201d services focused on multi-generational stewardship.\u00a0<\/p>\n