Journey Strategic Wealth, a registered investment advisor partnership with nearly $4 billion in assets, has acquired a solo practice in Colorado Springs, Colo., and hired a veteran advisor from Charles Schwab.
Financial advisor Jill Isbell has integrated her firm, Creative Financial Services, into Journey. She brings about $75 million in assets and establishes Journey’s Colorado Springs presence. Office manager Yenni Chesire joins her.
Journey has also hired Chad Faulkenberry as financial advisor and managing director. He joins from Charles Schwab, where he managed $750 million in client assets with a focus on high-net-worth and ultra-high-net-worth families. He’s based in Orlando, Fla., and joins Journey’s Richmond, Va. practice, which includes senior advisors Mark Newfield and Angela Lessor and financial planner Melissa Clark.
“Mark Newfield and the Richmond practice have grown over 40% year over year. We are doubling down on helping them take things to the next level,” Journey President Penny Phillips said in a statement. “Chad not only brings significant experience as an advisor and leader, but also expands this practice’s reach into a new market.”
Phillips, along with financial advisors and former Dynasty Financial Partners executives Michael Brown and Brian Flynn, founded Journey in January 2021. Since then, they’ve attracted eight advisor teams.
Based in Summit, N.J., Journey is structured as a hybrid RIA, affiliated with broker/dealer Purshe Kaplan Sterling Investments. They are looking to tuck in advisor teams, but firm principals say they will provide more services than the typical affiliation platform, particularly with consulting around practice management. In addition to tucking in, advisors may also choose to sell all or part of their practice to Journey.
When an advisor joins the firm, they come under Journey’s ADV but still own their book of business if they decide to leave. Journey provides the essential functions advisors need to run their businesses, including operations and billing, human resources and payroll, investment management, financial planning support, technology, home office support and marketing. Advisors that join Journey can keep their administrative staff, associate advisors and anyone else who is client-facing, and their entire team goes onto Journey’s payroll.
The firm also recently launched a 1099 model, allowing advisors to operate as independent contractors.
