A new chief is poised to take over a $9-billion-AUMA trio of firms that specialize in tactical fixed income asset management.
| Albert George "Skip" Schweiss III|
Sierra Group of Companies
Yesterday, Dave Wright
and Ken Sleeper
, co-founders of Sierra Investment Management, Inc.
that Parker, Colorado-based Skip Schweiss
will take over
on October 1 as the first-ever CEO of the Sierra Group of Companies
. The Santa Monica, California-based group includes Sierra IM (a retail wealth management RIA), Ocean Park Asset Management, Inc.
(a model portfolio shop that offers SMAs and works with TAMPs), and Wright Fund Management, LLC
(which runs the $4-billion-AUM Sierra Mutual Funds
Schweiss is a veteran leader from the defined contribution (see our sister publication
) and RIA custody business. He spent more than three decades on that side of the industry, rising to managing director of retirement plan solutions and advisor advocacy for TD Ameritrade Institutional and president of TD Ameritrade Trust Company before leaving a year ago in advance of the sale of TD Ameritrade. Schweiss is also the 2021 president
(a volunteer role) of the Financial Planning Association (FPA
"I was on the custody side for 32 years," Schweiss tells MFWire
. "When I left TD, I really wanted to take a step back and do a lot of soul-searching about what I wanted to do."
From that, Schweiss says, he decided that he wanted to work for a smaller firm.
"Leading an advisory firm came out for me as what I really wanted to do ... Sierra was the one that it all came together around," Schweiss says, noting that he's known Sleeper and Wright for nearly 30 years. "They were an early custody client in my career."
Schweiss has been consulting with the Sierra folks for a few months now, he says, and that morphed into him joining full-time this fall to lead the organization. (Wright and Sleeper will continue to lead the Sierra companies' investment efforts.)
"Skip understands the advisor business and the unique challenges advisors face at a level few others do," Sleeper states. "Given his experience, expertise and network, we have no doubt that his addition will allow us to better meet the needs of investors and advisors as we continue to grow."
"I can't think of anyone better than Skip to help us show advisors and investors the value and utility of the Sierra approach," Sleeper adds. "Skip can help take us to the next level."
Schweiss joined TD back in 2008 thanks to its acquisition of Fiserv ISS, where he had been working for 20 years. He is an alumnus of the University of South Dakota and of the University of Colorado Denver.
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