Clark Capital Says It Pioneered Advisor-Focused Asset Management

Clark Capital Management focused on serving financial advisors from its founding in 1986. Before its sale to Raymond James this year, the firm worked with more than 11,000 advisors who oversaw nearly $50 billion in client assets.

The firm was founded by Harry Clark. Brendan Clark joined the company in 2001 and became chief executive in 2017. Brendan Clark noted ‘For the first 39 years of our existence, we were self-funded.’ He said the sale provides access to a larger owner and additional resources.

Clark Capital offers investment guidance, estate planning, tax planning and portfolio management aimed at advisors who serve high-net-worth households. In 2016 the firm created a client portfolio management team staffed with chartered financial analysts, estate planners and tax specialists to support advisors during liquidity events and generational transfers.

The firm develops multiple product capabilities and packages them into solutions advisors can use across client relationships, with the goal of presenting a unified investment and planning offering instead of multiple separate products.

Distribution is concentrated in the independent channel, including relationships with firms such as LPL, Osaic and Cetera. Clark Capital distributes its capabilities through turnkey asset management platforms including AssetMark, InvestNet and Orion, and directly on some home-office platforms.

Following the acquisition, Clark Capital operates as a wholly owned subsidiary and one of several boutiques within Raymond James’ investment management business. Brendan Clark said the firm will keep its brand and core team in place and that being on Raymond James’ platform opens new opportunities.

The company held direct conversations with partner firms about the acquisition; many partners indicated they plan to continue or expand their work with Clark Capital.

Some asset managers have shifted resources to the retail-advisor channel as demand from pensions and endowments has declined. Clark Capital’s business model centers on providing integrated teams and services to advisors so they can coordinate investment, tax and estate planning for clients.