SAN FRANCISCO - November 1, 2022 - (Newswire.com)
Michael Aldrich has joined Parallel Advisors as Chief Operating Officer ahead of strategic growth plans. As Parallel continues to expand nationally, Aldrich will spearhead the build of the firm's Services organization, including Family Office, Tax, and Trust.
Michael brings nearly two decades of experience building and scaling service and operational teams. In his most recent roles as Head of Private Client Service and Head of Global.
Operational Strategy at Brown Advisory, he led the organization to meet the needs of individual clients and institutions, as well as their respective trusts, estates, foundations, endowments, and retirement plans. In previous roles at Brown, Michael worked as a member of the executive management team on all client servicing and support related issues while also innovating the firm's technology platform to meet the needs of a diverse and growing client base. Prior to Brown, Michael was Vice President and National Director of Private Client Services at Bernstein Global Wealth Management. Michael holds a B.S. in Finance from Virginia Tech and an M.S. in Leadership from Georgetown University and has served on the Boards of multiple nonprofit and for-profit organizations.
"Once I met the team at Parallel, this became an easy decision to make. The entrepreneurial spirit is flowing and the excitement for client success abounds. I am grateful for this opportunity to come help lead and build the firm to meet its mission," said Michael.
Most recently recognized as a Top 100 RIA Firm by Barron's and one of the 50 fastest growing RIAs by Financial Advisors Magazine, Parallel grew from $1.4Bn to $5.4Bn in regulatory AUM between 2016 and 2021. The San Francisco-based firm has expanded nationally with offices in Dayton, Honolulu, Oklahoma City, and Dallas.
Over the next year, Parallel will focus on providing a range of scalable services to its growing team of Wealth Advisors. These services will enable Parallel Advisors to provide best-in class solutions to its clients without compromising innovation and customization.
C.J. Rendic, CEO of Parallel Advisors, commented "Parallel is committed to adding the highest caliber professional management expertise to our leadership team. We are honored to have Michael on board so we can continue to add valuable services for our clients and resources that enable growth for our advisors."
About Parallel Advisors
Parallel Advisors is a registered, independent wealth management firm specializing in active financial planning, solid portfolio construction, and mindful asset allocation designed to help individuals, families, and trusts accomplish their financial goals. Based in San Francisco, and with offices in Dayton, Dallas, Honolulu, and Oklahoma City, Parallel provides innovative, unrestricted, and comprehensive solutions for all clients. Parallel Advisors proudly manages approximately $5 billion in client assets and offers deep expertise in tax and estate planning and robust investment management.
Barron's 2022 Top 100 RIA Firms:
Barron's publishes four individual advisor rankings each year (Top 100 Advisors, Top 100 Women Advisors, Top 100 Independent Advisors, Top 1,200 Advisors) along with three team- or firm-based rankings (Top RIA Firms, Top Institutional Consultants, Top Wealth Management Firms). The goal is to shine a spotlight on the nation's best financial advisors, with an eye toward raising standards in the industry. The rankings serve two distinct types of Barron's readers. For wealth management professionals, they serve as an industry scorecard. For investors, the rankings are a tool that can help in the process of finding financial guidance. Advisors who wish to be ranked fill out a 102-question survey about their practice. We verify that data with the advisors' firms and with regulatory databases and then we apply our rankings formula to the data to generate a ranking. The formula features three major categories of calculations: (1) Assets (2) Revenue (3) Quality of practice. In each of those categories we do multiple subcalculations. For instance, we take into account not just the amount of assets an advisor manages, but also the type of assets—are they private-wealth assets or institutional? If they're institutional, are they for a foundation or an endowment, or are they corporate assets? We measure the growth of advisors' practices and their client retention. We also consider a wide range of qualitative factors, including the advisors' experience, their advanced degrees and industry designations, the size, shape, and diversity of their teams, their charitable and philanthropic work and, of course, their compliance records.
FA Mag 50 Fastest Growing RIA's List Methodology:
This list is created by comparing firms' year-end AUM to the previous year-end AUM based on the numbers they reported to us on their surveys. The list only includes firms with $500 million and over in AUM.
Contact Information:
Diane Gabianelli
Chief Financial Officer
diane.gabianelli@paralleladvisors.com
4157289197
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Original Source: Michael Aldrich Joins Parallel Advisors as Chief Operating Officer
