Adding to a recent string of acquisitions in the Southeast, United Capital announced it bought the majority of the assets of Great Falls, Va., based c5 Wealth Management, the company announced Wednesday.
The acquisition comes just nine days after United Capital pulled off a similar deal with PPA Advisors, Inc., of Atlanta, and is the latest example of the firms aggressive, Starbucks-inspired expansion strategy.
A full-service RIA established in 2006, c5 has approximately $300 million in assets under advisement. Co-founders Stanley Corey and Paul Bennett, who together have over 55 years of wealth management experience, will serve as managing directors under the firms new United Capital banner.
We are excited to partner with c5 and help them enhance their work with multigenerational clients and focus on growing not only client assets, but the firm itself, said Matt Brinker, United Capitals senior vice president of Partner Development and Acquisitions. We will be able to support the team on both the administrative and planning side, as well as help them work toward future growth and increased profits.
The decision to partner with United Capital was something of a no-brainer according to Bennett.
We were philosophically aligned, he said. One thing we really liked: United is not manufacturing any products. Theyre selling what I call the space between their ears. Theyre selling advice, and thats how we are.
Another key motivator was how United Capitals technology and expertise could alleviate administrative burdens, allowing Bennett, Corey and their 5-person team to focus more on serving their clients and growing their business as well as advisory team.
By reducing our back-end office needs, we will have more time to connect with clients, Bennett said. Our clients span multiple generations and with United Capitals resources and support, we know we are going to thrive for years to come and meet the expectations for our diverse client set.
Over the next year, c5 will be rebranded as a division of United Capital.
Headquartered in Newport Beach, Calif., United Capital, together with its affiliates, has around $17 billion in assets under advisement.
Intent on becoming a nationally recognized branded wealth management firm, United Capital will likely continue with similar acquisition efforts in the months ahead.
We made the expansion into the South and the Southeast the key priority, Brinker said. We are now focusing our efforts on the Midwest and Southern California.
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