A group led by New York private-equity firm Long Ridge Equity Partners is making a $35 million investment in Carson Group Holdings, which provides wealth management services to individuals and practice management services to financial advisors.

Key members of the Carson executive leadership team are participating in the investment, which will represent a minority interest in the firm. The financing is providing capital for the company to expand its services, including those it offers to advisors. Jim Brown and Kevin Bhatt of Long Ridge Equity Partners will join the Carson Board of Directors.

"Long Ridge's capital and strategic support will accelerate our growth and enable us to continue delivering a premier level of service to our clients and advisor partners," said Carson Group CEO Ron Carson in a press release. Ron Carson is a well-known financial advisor who was recently inducted into Barron's inaugural Hall of Fame.

Carson Group Holdings is the parent company of Carson Wealth Management Group, Peak Advisor Alliance and Carson Institutional Alliance. Founded in 1983, Carson Wealth has grown to more than $6.5 billion in assets under advisement and is one of the largest wealth advisory firms in the country. In 1993, Ron Carson started Peak Advisor Alliance, which provides coaching and other resources for advisory firms to build their businesses. His newest business, Carson Institutional Alliance, was formed in 2012 and includes 37 advisor partner firms in 44 U.S. locations.