EP Wealth Advisors, a Torrance-based registered investment adviser, recently announced that it is elevating its current president to chief executive while transitioning its current chief executive to a new role as executive chair.
Ryan Parker will become chief executive on July 1, succeeding Patrick Goshtigian. According to EP Wealth, the strategic realignment reflects the company’s rapidly expanding national client base and would “continue EP’s focus on providing superior client service through a growing roster of top advisors with best-in-class services and offerings.”
The company manages more than $18.7 billion in assets as of April 30, up $2.6 billion, or 16.15%, from its report on its last quarter ending December 31. EP Wealth is backed by the leading private investment firm Berkshire Partners, which acquired a minority stake in the company in 2020, when it was valued at approximately $7 billion.
“EP has enjoyed tremendous growth and continues to deliver for our expanding client base, now with a national footprint,” Goshtigian said in a statement. “In my new role … I’ll be in a position to focus on specific strategic initiatives and M&A, while providing a sounding board for Ryan.”
Parker, who joined EP Wealth in mid-2021 and assumed the role of president in early 2022, has worked in the finance sector for 25 years and brings extensive executive experience to the role. He formerly served as president and chief executive of Wealth Management for the Providence, Rhode Island-based Citizens Financial Group and chief executive of the Santa Clara-based Edelman Financial Services.
In an email to the Business Journal, Goshtigian said that while Parker wasn’t brought on with a chief executive shift in mind, his wealth of executive experience in the industry made it a natural step.
“When Ryan joined EP, we were well aware of his background and successful stints as a CEO for other firms,” he wrote. “While I can’t say we had a date or definitive plan in mind when he joined, the immediate impact he made on the organization and his performance as president reinforced our thinking that the time and person are right to help drive the organization forward, continuing our rapid organic growth and adding partner firms across the country.”
With Parker’s elevation to chief executive and Goshtigian’s appointment as executive chair, the company says it’s aiming “to leverage their combined expertise and propel the company’s continued growth and industry leadership.” Parker plans to continue growing the company’s national footprint, he said in an email, though he emphasized it won’t be neglecting its local roots.
“Los Angeles is our original and home market. We continue to serve more Los Angeles-based clients and add team members in our recently expanded Torrance headquarters and regional offices in West L.A., Westlake and Valencia,” said Parker. “We’re incredibly proud to have been named one of the LABJ’s Best Places to Work in 2022 and hope to have the same recognition every year for decades to come.”
Parker praised Goshtigian, along with the company’s founders Derek Holman and Brian Parker (no relation) for having set a “high bar” for him to top. He added that EP has grown to become one of the leaders in the RIA space by “ensuring we are consistently ahead of the curve in our offering, service and commitment to clients.”
“My intention is to continue on that path to ensure even more families across the country are secure in their financial future,” said Ryan Parker.
