Prospera Financial Services Buys $1.4 Billion Firm

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.

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Former UBS Advisor Goes Indie with Prospera

Prospera Financial Services Inc., an independent broker-dealer, has recruited 20-year industry veteran Steven Loerke, founder of California-based Redwood Advisory, who manages $100 million in client assets.

In 2000, Loerke began his career with Morgan Stanley, later moving to UBS where he spent 14 years climbing the ranks, serving as wealth advisor, portfolio manager, and ultimately, vice president. He decided to go independent and form Redwood Advisory Group in order “to elevate the level of service for his clients.”

Loerke holds a bachelor’s degree in business administration from Saint Mary’s College of California, as well as FINRA Series 7, 31, 63, and 65 securities licenses.

Founded in 1982 and headquartered in Dallas, Prospera supports independent financial advisors nationwide.

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Beacon Pointe to Merge Two RIAs, Sells Minority Stake to PE Firm

Beacon Pointe Advisors LLC and Beacon Pointe Wealth Advisors LLC, two affiliated registered investment advisors, plan to merge into a single RIA operating as Beacon Pointe Advisors LLC.

In addition, private equity firm Abry Partners made a minority investment into the firm that facilitates the merging of the RIAs into a single entity, provides liquidity to existing shareholders, and funds expansion through the firm’s merger and acquisition strategy, the company said. Abry currently manages more than $5 billion of capital across their active funds.

Founded in 2002, Beacon Pointe Advisors has more than $11 billion in assets under management and advisement. The RIA serves endowments and foundations, retirement plans, and high-net-worth individuals and families.

“The merger of our RIAs simply provides for added efficiencies and alignment across the business,” said president, Matt Cooper. “We are excited about our partnership with Abry as their expertise and capital inflow will open gates to an expanded opportunity for synergistic office acquisitions and exponential organic growth.”

Simultaneous to the merger, Beacon Pointe announced the acquisition of Winter Park, Florida-based Ferrell Wealth Management Inc, adding more than $460 million of assets under management and bringing Beacon Pointe to a total of 16 offices and more than $11.5 billion in total assets under advisement.

Financial terms were not disclosed.

Beacon Pointe Advisors is headquartered in Newport Beach, California, with office locations and clients located nationally.

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Former $6 Billion Morgan Stanley Team Goes Indie

Wealth advisor Jason Fertitta and his team have launched an independent wealth management firm called Americana Partners LLC and have partnered with Dynasty Financial Partners. Fertitta spent more than a decade as a managing director and private wealth advisor at Morgan Stanley where he managed client assets north of $6 billion. Prior to Morgan Stanley, Fertitta worked in the high net worth division of Lehman Brothers.

Based in Houston, Fertitta is the president of Americana Partners and will lead its team of 11 professionals including seven financial advisors.

The former Morgan Stanley team includes senior managing director Billy Busch, chief financial officer Robert Wellington, managing director Sheldon Busch, managing director Josh Caltrider, and private wealth advisors Johnathan Schnitzer and Ben Athens.

Americana Partners serves entrepreneurs, investors, multi-generational families, and family offices and claims to have specific expertise in alternative investments, manager selection and private placements.

“We see this continuing trend of independent firms standing apart as the most powerful force in the market, delivering far more customized, objective advice to clients than any other segment of the industry,” said Shirl Penney, president and CEO of Dynasty Financial Partners. “As the largest breakaway this year, we are extremely proud to partner with a high caliber advisor like Jason and his remarkable team, and we welcome them to our network of independent advisors.”

Americana plans to leverage Dynasty’s wealth management services, people, technology, and capital support. Dynasty’s platform for independent advisors also includes institutional research from Callan Associates and an asset management platform (TAMP) that it developed with Envestnet.

Americana Partners has selected Schwab to provide custody services for its clients’ assets and Addepar for consolidated asset and performance reporting.

Dynasty is a provider of wealth management and technology platforms to 46 independent financial advisory firms with more than 160 advisors managing in excess of $30 billion.

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Prospera Financial Adds $150 Million Team from UBS

Prospera Financial Services Inc., a full-service independent broker-dealer, has added LiveOak Wealth Advisors to its platform.

Based in Lafayette, Louisiana, the LiveOak team spent nine years with UBS Financial Services and has $150 million in assets under management. Services at the firm include tax management, investment management, retirement strategies, estate conservation, and insurance and annuity products.

LiveOak is led by senior vice president Carolyn French, who served as a socioeconomic consultant with the US Department of the Interior before her career in wealth management. She has also served as senior vice president of wealth management at Morgan Stanley and senior vice president of investments at UBS.

Byron Reyes, who serves at first vice president, started his career at Merrill Lynch and has more than 28 years of experience in the financial services industry. He holds a certified investment management analyst certification.

Founded in 1982, Prospera Financial Services is based in Dallas, Texas and has 134 advisors and approximately $7.9 billion in assets under management. The firm has selected partnerships with First Clearing (Wells Fargo Clearing Services) and Pershing LLC, a subsidiary of The Bank of New York Mellon Corporation.

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