The Carson Group today announced that its founder, Ron Carson, will step down as chief executive officer of the $35 billion registered investment advisor.
He will be replaced by Burt White, a former LPL Financial executive who joined Carson Group in 2022 as managing partner and chief strategy officer, according to a press release.
Carson, who founded the Omaha, Neb.-based firm in 1983, will remain a major owner in the firm, the release said, adding that as chairman of the board, “his focus will shift to the longer-term future of the company, while White will take the lead on executing the firm’s advisor-centric growth strategy.”
Carson will spend more time “to further his family’s humanitarian impact and champion initiatives such as feeding the hungry, providing clean water and supporting mental health,” the release said.
Carson has been “a driving force of innovation in the financial services industry,” the release said, adding that the Carson Group, which was begun 40 years ago by Carson selling insurance out of his college dorm, has become one of the fastest growing RIAs in the country with $35.5 billion in AUM and serving 50,000 families through its advisory network of 150 partners.
“I am proud of the legacy we’re building, the growth of our advisor community and the impact we’ve had on thousands of lives,” Carson said in a statement. “As we have advanced our mission, I realize that to continue to be a growth leader in the RIA space, we must adopt a bifocal ability to execute on what’s right in front of us while also innovating and anticipating the needs of our advisors—and clients—years and even decades from now.”
The firm has been an aggressive acquirer and has received growth capital over the years. In 2021, Bain Capital bought out Carson’s original private equity partner Long Ridge Equity Partners in a deal that valued Carson at more than $1 billion. New York-based Long Ridge paid $35 million for a 29% stake in Carson in 2016.
White, who will assume the CEO position immediately, spent 14 years with LPL as managing director and chief investment officer, where he led the development and implementation of the firm’s digital and wealth management product organization focused on helping advisors generate growth and efficiency in their practice, the release noted.
“I want to thank Ron for his trust and confidence and for his continued friendship and partnership,” said White. “It’s an honor to build on the foundation Ron has laid and to partner across Carson Group’s dynamic and talented leadership team to continue to expand and deepen our value proposition for advisors and investors. It’s exciting work and I’m incredibly energized by the opportunities ahead."