Advicent Solutions has hired Phil Cunningham as chief executive officer.
The company was previously the Financial Solutions Division of Wauwatosa-based insurance and financial planning software firm Zywave Inc., which was split in a November sale.
The Insurance Solutions division was purchased by Los Angeles-based private equity firm Aurora Capital Group and is still called Zywave Inc. Advicent is still owned by private equity firm Vista Equity Partners, which has offices in Austin, Chicago and San Francisco. Both companies remain headquartered in Wauwatosa.
When the sale was announced, the leadership teams of each division were to remain in place.
Bill Haack, former CEO at Zywave, and Jim Emling, former president and COO at Zywave, will remain with Advicent as members of the board of directors.
“We are excited to be able to attract someone of Phil’s caliber and believe his unique combination of leadership experience, commitment to customer service excellence and focus on world-class execution is an excellent fit with the needs of our business,” Emling said. “Our growing customer base will benefit from the focus and experience that Phil brings to our existing executive team.”
Advicent develops software-as-a-service (SaaS) technology solutions for the financial advice and planning industry.
Cunningham will be tasked with directing Advicent’s operations while developing an overarching operating strategy for the company’s expanding national network of more than 250,000 advisors. These include the top North American banks, brokers and life insurance companies.
He has more than 20 years of experience in business development and leadership in several software and service companies, including Automatic Data Processing, Fidelity Investments and Vista’s portfolio companies.
“I am very excited to be joining Advicent at this stage in the company’s growth,” Cunningham said. “While the brand is new in the marketplace, our solutions, our employees and our executive team are not. We have market-leading SaaS financial advisory solutions, a blue-chip customer base, exceptionally talented employees and a strong existing executive team.”