The Move at a Glance
- Advisors: Scott DeSantis and Grant Parisi
- From: Northwestern Mutual Private Client Group
- To: Civic Financial, a newly launched independent RIA
- Location: Boston, MA
- Client Assets: Approximately $1B
- Custodian & Technology Partner: Altruist
- Why They Moved: To build a fully independent, partner-owned enterprise with greater flexibility, integrated technology, and long-term enterprise value.
- Diamond’s Role: Guided a five-year due diligence process, helping the team evaluate ownership structures, custodians, and platform options before selecting the model best aligned with their vision.
Scott DeSantis and Grant Parisi have launched Civic Financial, a fully independent, partner-owned RIA based in Boston, overseeing approximately $1B in client assets. After building one of Northwestern Mutual’s fastest-growing practices, the team chose to establish an independent enterprise designed for long-term ownership, innovation, and continued growth. Diamond Consultants guided Civic through a multi-year evaluation process that culminated in selecting Altruist as custodian and technology partner.
Building an Enterprise, Not Just a Practice
Scott started his career at Northwestern Mutual at age 20, initially building a successful insurance practice before expanding into wealth management. Alongside Grant, he helped grow Civic from approximately $50mm to $1B in client assets between 2020 and 2026—entirely through organic growth and client referrals.
As the wealth management business became the primary driver of the firm, Scott and Grant began asking a different question. Rather than simply evaluating where they should work, they focused on what kind of business they wanted to own.
Their vision extended well beyond the next recruiting cycle. They wanted to build a partner-owned enterprise with lasting enterprise value, flexibility to expand services, and the ability to continue growing both organically and through future acquisitions.
Why Independence and Why Altruist
As Civic’s business accelerated, the team’s needs evolved.
They sought broader investment flexibility, fewer operational constraints, a more integrated technology environment, and infrastructure capable of supporting the next phase of growth. Just as importantly, they wanted complete ownership of the business they had built and the freedom to shape every aspect of the client experience.
Rather than assuming independence was the answer, Scott and Grant conducted an extensive due diligence process that included evaluating multiple custodians, technology platforms, business structures, and ownership models. They considered remaining at Northwestern Mutual, affiliating with an independent broker dealer, adopting a multi-custodian approach, and partnering with outside capital before determining that a fully independent RIA best aligned with their long-term objectives.
After comparing five custodial platforms, Civic selected Altruist based on four primary considerations:
- 100% ownership without outside equity or control
- A fully integrated custody and technology platform
- Strong cultural alignment with leadership
- A partner positioned to support the firm’s long-term growth ambitions
The technology vision was particularly compelling. Civic plans to leverage AI across client service workflows and tax planning while serving as a design partner helping shape future capabilities within Altruist’s Hazel AI platform.
Diamond Consultants’ Role
Diamond Consultants’ relationship with Scott began long before a transition was imminent.
After listening to one of Diamond’s podcast episodes in early 2022, Scott reached out describing himself as a 29-year-old advisor leading a $200mm practice. Over the next five years, Diamond served as a strategic sounding board—often encouraging patience rather than immediate action while Civic continued building momentum within Northwestern Mutual.
When the timing was right, Diamond guided Civic through a comprehensive evaluation process, helping the team clarify its priorities, assess ownership structures, compare custodial platforms, and identify the model best aligned with its long-term vision.
Interestingly, another Diamond podcast – Louis Diamond’s conversation with Altruist founder Jason Wenk – became an important part of Civic’s due diligence, reinforcing the team’s thinking as it evaluated the future of custody and technology.
We’re grateful Scott, Grant, and the Civic Financial team entrusted Diamond Consultants to help guide this important decision and wish them continued success as they build the next chapter of their business.