Page 9 - June 2018
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          $10B Hybrid RIA Practice Bolts from Cambridge with Major Growth Plans
          Tobias Salinger, www.financial-planning.com

         After tapping a new CEO and acquiring a major   the ownership team of Scott Colangelo,   swap to retain brokerage services while
         retirement-plan practice, a hybrid RIA firm with   Tim Hakes, Joe Hildebrand and Joe Zdeb   aligning its relationship with its needs,
         nearly 100 advisors and about $10 billion in   tapped Glenn Spencer, the former global   Spencer says.
         client assets changed its broker-dealer.   CEO of insurance brokerage Lockton, to   “We have a pretty robust in-house
         Prime Capital Investment                                                be   compliance organization, and we basi-
         Advisors, which has 15 of-                                                  cally have all the capabilities to oversee
         fices and an affiliated em-                                                 our RIA business. We were getting
         ployer-plan firm named                                                      limited value out of the broker-dealer
         Qualified Plan Advisors, left                                               in terms of compliance oversight of
         Cambridge Investment Re-                                                    our fee-based RIA business, which
         search for Private Client                                                   was 80% of our business,” he says,
         Services in late April. The                                                 noting the importance of the other
         suburban Kansas City RIA                                                    20% as well. “We have a lot of clients
         has nearly $8.4 billion in                                                  that are fee-based clients that are very
         assets under management.                                                    interested in investment products that
         The move on the brokerage                                                   you can only get through a broker-
         side of its business by Prime                                               dealer.”
         Capital preceded a similar
         BD switch earlier this
         month to PCS by an LPL Financial hybrid prac-  Prime Capital’s CEO and part owner.
         tice with $1.7 billion in client assets. The 50 to                                 To read the full
         60 affiliated practices of PCS span roughly 95   The following month, Qualified Plan Ad-  article click here.
         offices with 375 advisors nationwide, according   visors purchased Houston-based Ascende
         to the firm.                             Wealth Advisers, which the company says
                                                  brought about $4 billion in client assets to
         Prime Capital joined after a couple of major   the firm. Prime Capital made the BD
         announcements of its own. In late December,
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