Asa Cottrell, a longtime company man at Arvest Bank, is the new CEO of Arvest Wealth Management (AWM).
He will replace Jim King, who announced his retirement earlier this year.
Headquartered in Lowell, AWM is the wealth management division that is owned by Walton family-owned Arvest Bank of Fayetteville.
Cottrell will begin the job June 13. A Little Rock native and University of Arkansas graduate, he said the new position will be a homecoming of sorts. Cottrell has worked as a sales manager for Arvest Bank in Little Rock since 2016, following 22 years with AWM.
“Asa’s unique range of experience and perspective make him the ideal choice to be the next leader of Arvest Wealth Management,” Arvest Bank president and CEO Kevin Sabin said in a news release. “In addition to his business acumen, Asa’s skills as a relationship-builder and collaborator will help us drive innovation as we seek new ways to meet our clients’ needs and expectations while continuing to grow.”
Cottrell began his career as a client advisor and location manager in Siloam Springs. He later became a regional manager, working with the Little Rock and Fort Smith markets. He has more than 30 years of combined industry experience.
“I am both thrilled and humbled to take on this new role,” Cottrell said in a statement. “This is an exciting, transformative time at Arvest Wealth Management and I look forward to helping our associates expand relationships with our current clients and form new relationships, particularly with Arvest Bank customers.”
King’s retirement is set for the first quarter of 2023. He joined AWM in 2002 and worked in multiple roles before the company appointed him chief executive in March 2011.
Since then, AWM grew total assets under management from $6 billion (year-end 2011) to $15.9 billion (year-end 2021) and total revenue has increased from $42.4 million in 2011 to $87.7 million in 2021.
AWM has approximately 360 employees who offer advice to customers in three lines of business: Arvest Investments Inc. (registered FINRA and SEC broker/dealer), Arvest Trust Division and Arvest Insurance Co.
“It has been an honor to serve as president and CEO for more than a decade and I can’t think of a better successor than Asa,” King said. “He is well-equipped to lead our expansion of the digital services many prefer today, while emphasizing the value in the planning and advice our advisors provide.”
King will remain a member of the AWM board of directors and be an advisor to the firm throughout the leadership transition.