Kestra CEO James Poer wants to set the record straight on private equity
November 19, 2018 By Tobias Salinger, Financial Planning The wealth management industry has a misunderstanding about private equity, according to Kestra Financial CEO James Poer. “Private equity’s not evil. Private equity’s just an investor,” he said in an hour-long interview at the Stone Point Capital-backed independent broker-dealer’s headquarters in Austin, Texas. “It’s that simple.” Poer bristles at suggestions that PE ownership acts as a downside for the 2,300 advisors at Kestra and subsidiaries Kestra Private Wealth Services and H. Beck. He also takes exception with the notion that the firm has not been active in acquisitions this year or that it should be recruiting new advisors en masse. However, some of the firm’s rivals have been boosting their advisory ranks through recruiting and acquisitions. In one of its recent recruiting campaigns, LPL Financial called PE owners...