The trend of retirement plan advisory practices acquiring or partnering with wealth management firms continues to accelerate, with the latest such deal being announced this week by Prime Capital Investment Advisors (PCIA).
Specifically, PCIA says it is continuing its strategic expansion on the East Coast by acquiring Financial Network Limited (FNL), based in Milford, Connecticut. According to PCIA, FNL manages $325 million in assets and provides clients with personalized investment strategies, in addition to serving the needs of corporate retirement plans.
FNL was founded in 1993 by Michael Del Re Jr., with the goal of providing tailored services to clients.
“Financial Network Limited is excited to be part of Prime Capital Investment Advisors,” says Michael Del Re III, Northeast managing partner of FNL, which will now be known as “FNL, a Prime Capital Investment Advisors Company.” He adds that the strategic partnership will provide the FNL team with the opportunity to work hand-in-hand with a nationally recognized firm.
“Aside from providing us with the opportunity to expand our footprint on the East Coast, this acquisition aligns with our goal to work with financial professionals who are focused on providing fiduciary advice and achieving each of their client’s goals,” says Glenn Spencer, chief executive officer of PCIA. “At PCIA, we’re focused on working with professionals who are experts in the industry and are passionate about helping people. FNL exceeds these standards, and we look forward to providing it with expanded resources and technology to continue to provide clients with unique solutions tailored to their needs.”
The acquisition will be completed on December 31; it adds eight professionals and 564 clients, and solidifies PCIA’s presence in the Northeast. Spencer says PCIA’s plans are to continue investing in quality businesses and people in this region of the United States.
Earlier this year, PCIA acquired Sphere Wealth Management, an independent wealth management shop in Fayetteville, Arkansas, as well as the retirement advisory practice of the First National Bank of Omaha. While discussing those transactions and the broader industry merger and acquisition (M&A) landscape with PLANADVISER, Spencer suggested this dual focus is probably his firm’s greatest advantage moving forward.
For context, M&A activity remains at historic levels among retirement plan advisers, wealth managers, asset managers and recordkeepers. Sources expect 2021 to set yet another record for industry M&A volume, and they say the same could very well be true in 2022.