Mergers in the independent space heated up with firms joining forces to add advisors and boost their businesses.
CAPTRUST Financial Advisors is in the middle of finalizing its second merger since July after the firm entered into an agreement to fold Parker Carlson & Johnson Investment Management into its wealth management unit.
The deal comes after a six-month search by Parker Carlson & Johnson's principals, with the outside help of Advice Dynamics Partners' M&A advisor David Selig, CAPTRUST said.
“CAPTRUST’s depth of resources and people strengthens our research and advisory capabilities and improves the technology we need to service our clients,” Carlson says.
Meanwhile, Independent Financial Partners announced its acquisition of Private Wealth Alliance, a $500 million institutional advisor based in Ft. Lauderdale, Fla.
MERGER DETAILS
IFP, a Tampa-based RIA with more than 500 advisors and nearly $6 billion in AUM, says it acquired the Private Wealth Alliance for access to its bank clients, the firm says.
CAPTRUST'S merger with Dayton, Ohio-based Parker Carlson & Johnson is expected to finalize within 30 days. CAPTRUST said it will have over 340 employees in 26 offices across the country serving its wealth management and corporate retirement plan clients, the firm says.
CAPTRUST, based in Raleigh, N.C., provides independent investment research and fee-based advisory services. The firm recently merged with the Bethlehem, Pa.-based MFP Strategies, according to the firm. CAPTRUST currently has $176 billion in client assets, the firm says.
IFP said Private Wealth Alliance will retain its name.
“The advisors of Private Wealth Alliance now have access to a multitude of resources from IFP,” says Dan Overbey, managing director of IFP Institutional Services and Private Wealth Alliance. "[This includes] direct access to seasoned advisors in wealth management and insurance, to further expand their client offerings."
Private Wealth Alliance has 40 investment professionals and 5,000 clients with over $500 million in assets under management, IFP says. Its advisors are in community and regional banks as well as credit unions across the United States, ranging from $200 million and $21 billion in assets, according to the firm.
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