Bigger in Texas? Dallas RIA ties up with Oklahoma firm

The Burns Advisory Group, an Oklahoma City-based registered investment adviser, will merge today with Dallas-based Executive Financial Group. The combined firm will manage $600 million in assets.

“We already work with some clients in Texas, but this merger makes our combined firm a much bigger player in the region,” said John Burns, founder and chief executive of Burns Advisory Group.

The two firms are roughly equal in size and have complementary capabilities, Mr. Burns said. His firm focuses on financial planning and investment management for high-net-worth individuals, while EFG specializes in fee-only financial planning for corporate executives and their families. For the time being, the two firms will retain their separate names.

“EFG has extensive experience navigating complex benefits packages and dealing with tax planning issues for corporate executives, and we plan to use some of that expertise to help our existing and potential clients,” said Mr. Burns. “I see a lot of potential to grow our client base.”

Part of the reasoning behind the merger is achieving scale and consolidating resources. The operations and technology platform will be based in the Oklahoma City headquarters and Mr. Burns plans to look for other opportunities to add more firms to the mix. His firm previously brought on Tom McGuigan, an adviser based in Old Lyme, Conn. a move that gave the firm valuable experience in transitioning advisers and clients, according to Mr. Burns.

With $600 million in assets, the Burns Advisory Group-EFG is not quite a powerhouse in the Southwest yet, but Mr. Burns said he sees room for a strong regional wealth management player.

“I think our organic growth opportunities are most important, but we’re also interested in other independent RIA firms. Scale in this business is key,” he said. “As we continue to add scale to our financial planning capabilities and bring more to the table, we’ll be attractive to other RIA firms.”