Constellation Wealth Capital invests in Fayetteville-based Greenwood Gearhart

Greenwood Gearhart, a Fayetteville-based investment advisory firm with about $2 billion in assets under management, announced Wednesday (Nov. 19) a minority, non-controlling investment from Chicago-based Constellation Wealth Capital.

Constellation invests in wealth management firms, and financial terms of the deal were not disclosed.

“We are pleased to welcome Constellation Wealth Capital as a strategic partner,” said Brock Gearhart, Greenwood Gearhart’s CEO. “Their deep experience in the wealth management space, alignment with our culture, and long-term, client-first mindset made this an ideal match. This investment marks an exciting new chapter in our 43-year history and highlights the strength of our unique model and strong foundation for future growth.”

Greenwood Gearhart will continue to operate as an independent, employee-owned firm under its existing leadership. The new investment will help Greenwood Gearhart “elevate its client experience, advance its technology solutions, attract top talent and expand its investment opportunities,” according to a news release. Clients can expect the same services and staff, “now with even more resources to support their financial lives.”

The investment will also allow more of Greenwood Gearhart’s employees the opportunity to become shareholders. Greenwood Gearhart has 25 employees.

“Greenwood Gearhart stands out for its exceptional growth, values-driven culture and unwavering focus on clients,” said Karl Heckenberg, president and managing partner at Constellation Wealth Capital. “Their commitment to excellence and client-centric philosophy have fueled their success, and we are excited to partner with them as they continue to build their next chapter.”

Greenwood Gearhart has more than tripled its assets under management since 2020. According to the Northwest Arkansas Business Journal’s most recent list of largest locally owned independent wealth management firms, Greenwood Gearhart is ranked No. 1 with assets under management of $1.85 billion in 2025. That’s up by 32.4% from $1.4 billion in 2024 and by 262.6% from $512.9 million in 2020.

Gorman Jones served as Greenwood Gearhart’s investment banking adviser, and Potomac Law Group served as legal counsel. WilmerHale was CWC’s legal counsel.