Prospera Financial Services Inc., an independent broker-dealer, has purchased Dorsey & Company Inc., a New Orleans-based firm with approximately $1.4 billion in assets under management. The firm will maintain the Dorsey and Company brand and operate as a Prospera OSJ.
Excluding this transaction, Prospera has nearly 150 financial advisors across the country, with approximately $14.6 billion in assets under management.
Dorsey & Company was founded in 1959 by George Dorsey, who later handed the reins over to his son, Philip. Raymond A. Thompson took over as president and CEO of the firm following Philip’s passing in 2019. He will continue in a leadership role and become branch manager of the OSJ.
“We are delighted to team with Dorsey & Company, whose boutique approach to service and shared culture make them a perfect partner for us going forward,” said Tim Edwards, Prospera co-chief executive officer and managing partner. “In an era when many firms our size have been absorbed by larger industry players, Prospera is proud that we’ve been able to go against the tide by becoming active acquirers and continuing to expand…”
Founded in 1982, Prospera Financial Services is headquartered in Dallas.