RIA Cresset Capital has hired Gabriel Garcia, the former head of business management and strategy for E-Trade Advisor Services who earlier led relationship management and business consulting for Pershing Advisor Solutions.
Garcia's hiring comes roughly a month after Morgan Stanley said it was selling the RIA custody unit of E-Trade to Axos Clearing for $55 million in cash. The wirehouse acquired this business in October 2020 as part of its $13 billion purchase of the discount brokerage firm.
At Cresset, Garcia will head up corporate development and will focus "on partnering with culturally compatible RIAs, as well as identifying advisor teams seeking to join an independent and employee-owned firm," according to a press release.
"I am thrilled to join Cresset and introduce talented RIAs and advisor teams to Cresset and the access it provides to advanced technology and marketing resources," Garcia said in a statement. "Cresset serves clients with complex lives who are looking for a sophisticated multi-family office and private investing platform that can meet them where they are. That is an exciting ecosystem to join."
Cresset also tapped Matt Mongia to lead its private capital efforts, including minority investments in growing advisory firms and asset management businesses.
