Matt Humphrey, a former executive at Goldman Sachs and United Bank, has been appointed divisional president of Carson Group’s integrated W-2 advisor channel. The role follows Carson’s earlier decision to restructure its home office teams, separating operations for W-2 advisors and independent RIA advisors to allow each division to specialize in its respective segment.
Humphrey’s professional background includes military service and wealth management. After serving eight years in the U.S. Army as an Aviation Officer, he joined Goldman Sachs as a private wealth advisor. Later, at United Bank, he led Wealth & Investment Management and United Brokerage Services, where he managed over 100 advisors and supervised $12 billion in client assets.
Carson Group has positioned itself as one of the most aggressive acquirers in the RIA space, operating both an acquisition-focused model and an integrated advisor channel. In June, CEO Burt White announced the restructuring, assigning Scott Conroy, previously head of business consulting, to lead the independent RIA channel. White emphasized that Humphrey’s appointment was ideal for the W-2 role, highlighting his leadership experience and deep understanding of advisor and client needs.
White seemingly found that person in Humphrey, saying in a statement that he “brings the combination of leadership, operating experience and advisor perspective we were looking for” in the hire. “He understands what it takes to lead and grow a complex wealth management business, but just as importantly, he understands this business from the advisor and client perspective,” White said.
The reorganization responds to evolving advisor preferences. Many independent advisors are increasingly drawn to W-2 arrangements because of higher firm valuations and the impact of rising interest rates, which have made buyouts more difficult. Carson’s dual-channel approach allows advisors to explore a partnership through the 1099 model before fully committing, while capital generated from those advisors funds acquisitions and infrastructure enhancements.
White observed that demand for W-2 transitions is growing across the wealth management industry. “We see the trend of independent advisors considering W-2 as only accelerating over the years ahead,” he said. “It has been accelerating in the industry, accelerating here, and we think it’s only going to go further.”
With Humphrey at the helm, the W-2 division will maintain its support services, including business development, advisor onboarding, and consulting. This initiative complements Carson’s broader strategy of combining organic growth with strategic acquisitions to expand its advisor network.