Arax Investment Partners: Expanding Its Wealth Management Operations

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Arax Investment Partners, backed by private-equity firm RedBird Capital Partners, is making major moves at the start of the new year. The company has recently acquired a full-service independent broker-dealer, recruited an advisor team managing $2 billion in assets, and welcomed a new chief investment officer.

These strategic moves are a continuation of Arax’s efforts to expand its nascent wealth management operations, following its acquisition of Ashton Thomas Private Wealth last year.

One significant development is Arax’s acquisition of independent broker-dealer Excel Securities, enabling advisors to engage in both transactional and fee-based business. While the wealth management industry has been shifting towards fee-based models, many financial advisors still conduct commission-based transactions.

As part of the acquisition, Excel Securities will now operate as Ashton Thomas Securities, an SEC-registered investment advisor. This new partnership will grant Ashton Thomas Private Wealth’s advisors and clients access to Excel Securities’ advanced technology and capabilities. Founded in 1978 and managing around $1 billion in client assets, Excel Securities brings valuable expertise to Arax.

Another notable aspect of the acquisition is the opportunity it presents for Arax to recruit advisors who will work as 1099 independent contractors. This differs from the traditional employment relationship with advisors. On the other hand, advisors joining Ashton Thomas as W2 employees will have the chance to become equity partners within the company. Arax CEO Haig Ariyan emphasizes that equity partnership is a strategic priority for the firm, as they aim to forge a united effort in creating something extraordinary for their clients.

Arax Welcomes New Advisors, Expands Partnership Opportunities

Arax, the boutique wealth management organization, is thrilled to announce the recent hires of advisors Chris Stafford and Cory Schauer. Both Chris and Cory expressed their excitement about becoming partners, citing the attractive combination of boutique service with the resources of a large financial-services firm.

Previously, Stafford and Schauer were part of the prestigious Raymond James Financial’s Alex. Brown unit, where they catered to high-net-worth and ultrahigh-net-worth clients. Joining them at Arax are their talented teammates: Ines Seferi, Meghan Thomson, Hunter Hendrix, and Susie Register. This remarkable team will now operate out of a new office located in Boston, serving clients of Ashton Thomas Private Wealth. Notably, the advisors had a noteworthy portfolio of $2 billion in assets under management before joining Arax.

Ariyan has been selected by RedBird to lead Arax as the CEO. Having previously served as the head of Raymond James Financial’s Alex. Brown unit and holding prior experience at Deutsche Bank, Ariyan brings a wealth of knowledge and expertise to his new role.

Additionally, Arax recently completed the acquisition of Ashton Thomas Private Wealth, a reputable RIA based in Scottsdale, Arizona. The deal was initially reported when Ashton Thomas had $3 billion in assets under management.

In another significant development, Sumit Handa has been appointed as Arax’s Chief Investment Officer. Handa brings valuable experience to the role, having previously served as Managing Director and Partner at Pennington Partners & Co., a respected multifamily office. He also served as the Chief Investment Officer for the City of Philadelphia Board of Pensions Retirement Plans.

Arax continues to expand its operations and attract top talent, ensuring exceptional service and investment expertise for its esteemed clientele.

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