Cary Street Partners Deepens Leadership Team While Entering A New Chapter of Growth

Rapid growth reflects Cary Street Partners’ continued investment in its people, clients and communities, with new leadership, advisor talent, expanded technology and a growing presence in its Virginia home markets.

RICHMOND, Va.--(BUSINESS WIRE)--Since the beginning of 2024, Cary Street Partners has grown from approximately $8 billion to $14 billion in assets under management across all subsidiaries,¹ a 75% increase in less than three years. For the independent wealth management firm, that progress represents more than expansion in assets or office locations.

“We are proud of how much Cary Street Partners has grown, but what excites me most is what that growth allows us to do,” said Joseph R. Schmuckler, Chief Executive Officer of Cary Street Partners. “We can invest more deeply in our people, expand the capabilities we bring to clients, attract exceptional talent and deepen our connection to the communities where we live and work. We are building a firm for the long term, and we want our growth to make Cary Street Partners better, not simply bigger.”

Growth That Starts at Home

That philosophy is evident in Virginia, where Cary Street Partners continues to invest in the markets where its story began.

In late July, CSP acquired Seneca House Advisors, establishing its Richmond West End office and bringing the firm’s total number of offices to 22 nationwide. Led by Elizabeth King, Matthew Daniel and Tyler Napier, the Richmond West End team brings decades of combined experience in wealth management and financial planning experience to CSP’s developing national platform.

“Richmond will always be a particularly important part of our story,” said Schmuckler. “We were founded here and, while growing our presence nationally is incredibly meaningful, it is equally important to continue investing in the community that has been at the heart of Cary Street Partners from the beginning.”

CSP also bolstered its existing Charlottesville presence with the addition of Patrick Mullins as a Financial Advisor who leverages a nearly 20-year career with Fidelity Investments. He is adding experience and perspective to a market where the firm has built a longstanding client and community presence. “Patrick Mullins brings great energy and enthusiasm to his new teammates in Charlottesville while adding important financial planning experience and depth to the client base,” commented Walter D. Bayne, President of Cary Street Partners, who also leads the firm’s recruiting and business development efforts.

Together, the Richmond and Charlottesville additions reflect a broader strategy of pairing acquisitions and advisor recruiting with the tools and resources that support advisors and clients. Most recently, this includes the addition of new offices through acquisitions in Palm Beach, Tampa and Sarasota, Florida and Fort Worth, Texas.

Strengthening the Firm From the Inside

As Cary Street Partners has expanded, the firm has continued to invest in the people and leadership infrastructure supporting its employees, advisors, and clients.

The firm now employs almost 200 people across 22 offices in 7 states, representing a significant increase in its workforce. During this time the firm added 2,000 households across its service offerings with new advisor teams driving much of that momentum. The firm is focusing on both developing talent from within and adding expertise in key areas to support its next chapter.

Several recent leadership developments reflect that approach. Brandon Herrin has been promoted to Chief Financial Officer after five years with the firm, where he previously served as Treasurer and Head of Strategy & Finance. In his new role, Herrin will help guide the financial strategy, budgeting, planning and the reporting infrastructure as CSP continues to evolve in scale and complexity. Jaimal Hayes has expanded his responsibilities from Chief Compliance Officer of the firm’s broker-dealer to oversight of compliance across the firm. Nancy Oliver has been elevated to Head of Legal Affairs, further strengthening the firm’s legal infrastructure. Yolanda Evans has joined as Chief Human Resources Officer, where she will lead the firm’s existing human resources team and support the development of CSP’s people and culture.

“Brandon, Jaimal, Nancy and Yolanda each bring expertise and a deep understanding of what our firm needs as we continue to grow,” said Wes Gallup, Chief Operating Officer. “We have always believed in recognizing talent from within and giving our people opportunities to develop alongside the firm, while also bringing in new talent where it can make us stronger. As we grow, we are making thoughtful investments in the leadership and infrastructure that will support our people, our advisors, and our clients.”

Continuous Improvement in a Changing Industry

Growth is also shaping how Cary Street Partners works. The firm has been actively incorporating artificial intelligence across many areas of the organization to help employees work more efficiently, improve processes and enhance the advisor and client experience.

“CSP’s approach is deliberate. AI is empowering our people by allowing them to manage more task-oriented work and level up their thinking and workflows,” said Schmuckler. “This is not only a driver of productivity, but it can truly enhance one’s value in the marketplace. We are experiencing genuine progress as our people learn the tools and experiment with what can be done. AI is not about replacing the human element of our business; it is about amplifying it. Our advisors, client service teams and employees bring the judgment, experience and relationships that make us who we are. We want to give our people better tools so they can spend less time on repetitive tasks and more quality time focused on clients and their work.”

The approach reflects the firm’s core value of Continuous Improvement and its commitment to challenging how work gets done and finding better ways to serve clients. More than 60% of employees have actively participated in CSP’s live AI training, demonstrating the firm’s focus on helping its people understand and thoughtfully apply emerging technology.

Growth That Benefits People and Clients

Cary Street Partners operates under a partnership model, and the firm believes its employees should share in the benefits of its success. Employees have opportunities to develop their careers, build expertise, collaborate across offices and participate in shaping the firm’s future. That same philosophy guides CSP’s approach to attracting advisors and wealth management teams, offering the scale and resources of a growing national firm while maintaining a culture built around partnership, independence and client service.

“Partners is not just in our name, it is at the heart of who we are,” said Paige Garrigan, Chief Marketing & Transitions Officer, who leads the firm's internal transitions team. “As we grow, we want our people and our clients to feel that partnership in everything we do. Our clients should feel the benefit of our growth and not the disruption of it.”

For clients, greater scale creates opportunities to expand investment capabilities, strengthen technology and operational infrastructure, and broaden the expertise available to advisors. “We want to give our advisors greater depth behind them while preserving the personal attention and trusted advice our clients expect. Those two things can and should go together,” said Garrigan.

From its beginnings in Richmond more than two decades ago to its national presence today, Cary Street Partners is focused on building what comes next: a stronger firm for its clients, greater opportunities for its people and a platform that continues to attract exceptional advisors and teams.

For more information about please visit https://CaryStreetPartners.com.

¹Cary Street Partners is the trade name used by Cary Street Partners LLC, Member FINRA/SIPC; Cary Street Partners Investment Advisory LLC and Cary Street Partners Asset Management LLC, registered investment advisers. Registration does not imply a certain level of skill or training.

Any opinions expressed here are those of the authors, and such statements or opinions do not necessarily represent the opinions of Cary Street Partners. These are statements of judgment as of a certain date and are subject to future change without notice. Future predictions are subject to certain risks and uncertainties, which could cause actual results to differ from those currently anticipated or projected. Nothing contained herein should be considered a solicitation to purchase or sell any specific securities, financial instruments, or investment advisory services.