FREEHOLD, N.J.–(BUSINESS WIRE)–Compass CFO Solutions, LLC, the wealth management industry’s leading provider of outsourced CFO and accounting solutions, announced today that Jay Hummel has taken a board seat along with an equity stake in the company. He is the most recent senior wealth veteran and proven operator to align with Compass and the Merchant Investment Management constellation of private partnerships.
Compass is redefining the category of accounting, bookkeeping and tax services tailored to the wealth management industry. The company also continues to innovate in the fields of advanced reporting and business intelligence to remain at the forefront of industry trends and analytics.
In his role with Compass, Jay will provide strategic advice and operational guidance on infrastructure, best practices and hiring as the company expands in response to a growing marketplace.
Damian LoBasso, Founder and CEO of Compass said, “I had the pleasure of watching and working with Jay as he operated at the senior levels of Envestnet and American Century. His extensive work with financial advisors, combined with his training as a CPA and experience as the former President of an RIA, made it clear Compass would benefit tremendously from Jay’s involvement.”
Compass has been methodically introducing its institutional quality offering to the market, as the firm offers a variety of ongoing finance and accounting services to support wealth managers, including but not limited to budgeting and forecasting, payroll and controller services, expense management, financial records, bill payment, account reconciliation and tax filings.
Mr. Hummel said, “It’s a pleasure to join the Compass Board and become a part of the Merchant eco-system. Both Compass and Merchant have a bold vision to uniquely support advisors and financial firms as they wrestle with the impacts of immense change in our industry. I look forward to helping the Compass team increase its impact and accelerate its growth in the advisor community.”
Merchant managing partner Tim Bello said, “Jay Hummel is someone who we all respect and have wanted to work alongside for years. He always brings a unique and objective perspective on how to make things better. We’re excited to have him on board at Compass, as well as part of the extended Merchant family. It’s great to be his partner now, as we know he’ll make a real impact.”
Mr. Hummel is the former Senior Vice President and Head of American Century Investment’s Personal Financial Solutions Business. He was responsible for the strategic and executional oversight of teams serving 600,000 individual and small retirement clients with $40B in assets under management.
He is also a former Managing Director of Envestnet (ENV) where he served as the Head of Strategic Initiatives and Thought Leadership. Mr. Hummel is a frequent industry speaker and writer. Wiley has published two of his books: Success and Succession and The Essential Advisor.
About Compass CFO Solutions, LLC:
Compass CFO Solutions, LLC is the wealth management industry’s leading provider of outsourced CFO and accounting solutions. Founded in early 2017, the firm offers a 100% virtual experience customized for the wealth management industry. Compass’ outsourced approach, combined with its best in class technology suite and industry expertise, allows Compass to manage the accounting and finance functions of newly founded firms or complement pre-existing teams. To learn more about Compass, please visit www.compasscfosolutions.com.
About Merchant Investment Management:
Merchant is a private partnership providing growth capital, management resources, strategic opportunities and direction to independent financial services companies, particularly those focused on wealth and asset management. By establishing and optimizing business infrastructure, providing access to organic and inorganic growth opportunities, designing and accessing bespoke investment solutions and providing collaborative capital solutions to address a variety of business needs, Merchant helps unlock value and entrepreneurial opportunity for business owners. To learn more about Merchant and the Merchant team, please visit our website at www.merchantim.com or follow us on Twitter at @Merchant_IM.