HB Wealth, one of the largest fee-only registered investment advisers in the U.S., has expanded into Texas by recruiting a three-person advisory team that specializes in serving physicians and other healthcare professionals. The Atlanta-based firm announced Thursday that Steven D. Podnos, MD, MBA, CFP, Rachel Podnos O'Leary, JD, CFP, and Lauren Podnos-Garner, CFP, have joined the firm, establishing its presence in Austin. Rachel and Lauren will be based in Austin full-time, while Steven will split his time between Austin and Cocoa Beach, Florida.
The trio previously ran Wealth Care LLC, an independent fee-only RIA founded by Steven Podnos in 2002. Before entering wealth management, Podnos spent years as a pulmonary and critical care physician, a background that shaped his advisory practice. He continued practicing critical care medicine in the Air Force Reserve until 2023.
That dual identity—clinician and certified financial planner—informed a practice built around understanding the financial pressures physicians face, from liability exposure and asset protection to estate planning and the administrative demands of running or exiting a medical practice. Together, the father-daughter team offers comprehensive financial planning and investment management, along with guidance on tax strategy, asset protection, and estate planning. Beyond their healthcare niche, they also work with high- and ultra-high-net-worth individuals and families across the country.
"Joining HB Wealth represents an important next chapter for our clients and our team," Steven Podnos said. "It allows us to preserve the independent, fiduciary approach that has always defined our work while expanding the depth of advice and resources we can bring to each relationship." He added that the team has built its practice around understanding the full picture of clients' lives, including the distinct challenges physicians and other healthcare professionals face. "HB Wealth strengthens our ability to address every aspect of our clients' financial lives with the same personal attention and unwavering focus on their best interests."
Thomas Carroll, CEO of HB Wealth, said the addition marks a meaningful moment for the firm's national growth strategy. "Their addition establishes a strong foundation for us in Austin," Carroll said. "This team will be pivotal in how we bring a valuable new dimension to the way we serve medical professionals nationwide."
Texas is now HB Wealth's seventh market, joining Georgia, Florida, Maryland, North Carolina, South Carolina, and Tennessee. The firm, which traces its origins to 1989 when it was founded as Homrich Berg, now oversees more than $33 billion in assets across 13 offices with more than 360 employees. The firm rebranded to HB Wealth in August 2025 as its geographic footprint expanded well beyond its Atlanta base.
The move follows a period of significant activity for HB Wealth. In July 2026, the firm launched a dedicated institutional advisory and OCIO practice, formalizing longstanding relationships with nonprofits, foundations, endowments, and corporate clients into a standalone business line. Earlier in 2026, it added a five-person team in Charlotte, further building out its Southeast presence. The firm's expansion into Texas comes amid a wave of RIA activity in the state, with competitors like Kestra adding a $550M Texas planning firm and LPL reeling in a $430M Texas trio.
Texas has become one of the most competitive markets for RIA expansion nationally, with large fee-only and independent firms alike planting flags in Austin, Dallas, and Houston. HB Wealth's entry via a specialty-focused team rather than a generalist hire reflects a broader industry trend toward advisor growth strategies anchored in niche expertise, particularly in markets where competition for high-net-worth clients is intensifying. As AI reshapes the advisory role, firms are increasingly differentiating through specialized knowledge, and HB Wealth's move underscores that dynamic.
