Two Equity Trust Company divisions—Equity Advisor Solutions and ETC Brokerage—have merged into a single company that offers custody and clearing services to entrepreneurial registered investment advisors and broker-dealers, according to a firm statement.

The new Dallas-based company, rebranded as Innovayte, is led by Catherine “Cat” Davies, who most recently was chief solutions officer at Hightower. Davies has more than 25 years of experience in financial services, and will shepherd a strategic plan focused on creating a technology-driven business services offering, the statement said

The combining of the two businesses into a single entity charged with a single purpose was the end result of a lot of reimagining of how Equity Trust as a whole served the RIA and independent broker-dealer communities, said Jeffrey A. Desich, executive vice chairman of Equity Trust and now chairman of Innovayte. 

“With the launch of Innovayte, we have a better way to support entrepreneurs, focusing on business outcomes, not asset size,” said Desich, whose family founded Equity Trust in 1974. “We know that Cat Davies is the right leader to drive this long-term endeavor.”

Smaller RIAs and broker-dealers have fewer options now for custody and clearing services than they once did because of industry consolidation, the firm said. 

“I recognize that RIAs and broker-dealers need more choice and better options,” Davies said in the statement. “Innovayte is poised to transform the industry, and I’m honored to lead the effort that puts entrepreneurs front and center.”

Innovayte will support its customers by helping them become more profitable through shared services and strategic development that will help them achieve their business goals, the firm said.

“From cutting-edge technology to pairing advisors with dedicated relationship managers, Innovayte offers advanced systems and technology with a personalized touch,” the firm stated. “As a new brand with a heritage that stretches across half century, Innovayte has the infrastructure to engage with next-generation clients while also benefitting from the relationships and expertise accumulated over many years.”