Page 9 - June 2018

Page 9
$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,