$32B AUM fee-only RIA formalizes and expands fiduciary services to nonprofits, foundations, and corporate clients, appoints two senior advisors to drive growth
ATLANTA — July 14, 2026 — HB Wealth (HB), one of the nation’s largest independent, fee-only registered investment advisers, has launched a dedicated Institutional Advisory and Outsourced Chief Investment Officer (OCIO) practice. The business segment formalizes the firm’s longstanding institutional relationships across nonprofit, foundation, endowment, and corporate clients, into a purpose-built advisory offering.
As part of the launch, the firm has hired Mike Hill and Armond Reese, CFA, CAIA, AIF, as Senior Institutional Advisors and Shareholders. Hill, based in Nashville, and Reese, based in Atlanta, each bring more than 25 years of institutional investment experience and will lead client development and relationship management across HB Wealth’s institutional clients. Both will report to Joel Houck, CFP®, CFA, CAIA, the firm’s Chief Investment Officer.
HB Wealth joins a growing number of independent RIAs building institutional capabilities at a time when demand for outsourced investment oversight appears to be accelerating. The OCIO market has tripled in size over the past decade, surpassing $3.3 trillion in assets, and is projected to reach $5.6 trillion by 2029, according to Cerulli Associates. Nonprofits and foundations have been among the fastest-growing segments, increasingly turning to fiduciary advisors for investment governance, manager selection, and portfolio construction.
For HB Wealth, the institutional practice is a natural extension of the firm’s existing work. Many of the foundations, endowments, and nonprofit organizations connected to the firm’s clients have been served alongside HB Wealth’s private wealth practice for years. Formalizing the segment allows the firm to bring dedicated resources, purpose-built service models, and focused business development to a client base it already knows well.
“We’ve served institutional clients for years alongside the families and individuals who lead them,” said Thomas Carroll, Chief Executive Officer of HB Wealth. “What’s changing is the level of commitment. This is about building a dedicated infrastructure, people, process, and capability so we can expand our reach and deepen our impact across the institutions we serve.”
Hill brings over 30 years of institutional investment management experience serving nonprofit organizations, foundations, endowments, and other institutional clients. Most recently, he spent more than 25 years with Truist Bank and its predecessor firms, where he founded and led the Nashville Institutional Investment Management practice. He is a past Chair of CFA Society Nashville and currently serves as Chair of the Nashville Humane Association Foundation.
“Being able to deploy institutional-caliber investment resources to help mission-based organizations grow and fulfill their mission is one of the most rewarding parts of my career,” said Hill. “Shepherding clients through the ups and downs of investing and driving meaningful impact across communities is what motivates us, and it was clear from the start that HB Wealth shares that mission.”
Reese brings more than 25 years of experience advising foundations, endowments, healthcare foundations, and public charities. Most recently, he served as Regional Practice Leader in Truist’s Foundations and Endowments Specialty Practice. He currently serves as Trustee of the Jesse Parker Williams Foundation, Trustee of Flagler College and Vice Chair of the Flagler College Endowment Fund, and Investment Committee Chair of the CDC Foundation.
“Helping foundations, endowments, and public charities navigate their investment and governance challenges has been a guiding light throughout my career,” said Reese. “HB Wealth’s investment platform, commitment to high-touch client service, and expanding institutional capabilities make it an ideal partner for organizations seeking thoughtful fiduciary guidance. I’m eager to help build on that foundation.”
“We’ve spent more than 30 years building an investment platform that includes over $5 billion in private market investments, including private equity, private debt, and real estate,” said Houck. “That infrastructure was built to meet the complexity that institutional clients face. Institutional clients don’t need us to start from scratch. They need what we’ve already built.”
The launch continues HB Wealth’s multi-year effort to build and professionalize distinct service lines across its business.
About HB Wealth
Founded in 1989, HB Wealth is a national independent wealth management firm providing fiduciary, fee-only wealth advisory services, investment management, and family office services. As one of the country’s largest fee-only registered investment advisers (RIAs), HB Wealth is headquartered in Atlanta with more than 340 employees operating out of 12 offices across six states, managing over $32 billion for individuals, families, and institutions. With a mission of bringing unwavering financial peace of mind to the clients we are privileged to serve, HB Wealth delivers comprehensive advice and concierge-level care through a fee-only approach. Think of it as the fiduciary standard, elevated. Learn more at hbwealth.com.
Media Contact:
Haley Rosa
Gregory for HB Wealth
610-228-2805
HBWealth@gregoryagency.com
