By Chris Glynn
Registered investment advisor named The Retirement Corporation of America has departed from Fifth Third Bancorp, who owned RCA beginning in 2017.
RCA has $550 million under management and became an independent RIA via minority investor Stratos Wealth Holdings. Retirement Corporation of America, with seven staff in total, initiated the transaction in April. The Retirement Corporation of America on its website is a provider of “education," offering “lifestyle-focused and investment program designed to help maximize post-retirement income.”
RCA has $500 million in private wealth as well as $50 million in 401 (k) retirement, according to its website. Kevin Ellington, director of marketing for Stratos Wealth, declined to disclose the financial information of the Stratos Wealth purchase of Retirement Corporation of America and referred Institutional Allocator by Markets Group to Chris Kiley, chief executive officer of RCA, for additional detail. Kiley did not return a phone call or email.
Daniel Kiley and his father Tom Kiley founded RCA in 1984. Both Fifth Third and The Retirement Corporation of America are based in Cincinnati. Stratos Wealth Holding has become a serial RIA acquirer, made its seventh purchase with RCA. Stratos Wealth Holdings has $22 billion under management.
Fifth Third is a diversified financial service provider with $315 billion under management.