Dallas-based Prospera Financial Group has completed just two acquisitions in its 39-year history, but sees more deals in its future following the addition of New Orleans-based Dorsey & Co. on Dec. 3.
Dorsey, which has $1.4 billion under management and 16 advisers, will operate as an independent branch office, maintaining its brand, while benefitting from the scale offered by Prospera, which has more than $16 billion under management and 160 advisers.
As a firm operating as both a registered investment adviser and a broker-dealer, Prospera has experienced plenty of growth by recruiting teams of breakaway advisers but has mostly passed on the M&A trend sweeping across wealth management.
That’s likely to change, said Tim Edwards, co-chief executive at Prospera.
“I do see this as really the beginning of a new stage of growth for us,” Edwards said. “The timing is right, and we do have a pipeline of other opportunities.”
Founded in 1959, Dorsey developed a solid reputation as manager of fixed-income portfolios, which is an area Edwards expects to leverage for Prospera clients.
“The firm is a perfect complement to ours, further enhancing Prospera’s distinctive value proposition and vision, which allows advisers to define their brand, chart their own success story and, ultimately, thrive,” he said. “As we continue to grow the firm and welcome new financial advisers through recruiting and acquisitions, we will not stray from what has made us so special up to this point.”
Looking to refine your strategy for investing in stocks in the US market? Discover expert insights, key trends, and risk management techniques to maximize your returns
The RIA led by Merrill Lynch veteran John Thiel is helping its advisors take part in the growing trend toward fee-based annuities.
Driven by robust transaction activity amid market turbulence and increased focus on billion-dollar plus targets, Echelon Partners expects another all-time high in 2025.
The looming threat of federal funding cuts to state and local governments has lawmakers weighing a levy that was phased out in 1981.
The fintech firms' new tools and integrations address pain points in overseeing investment lineups, account monitoring, and more.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
