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Industry Spotlight > Broker Dealers

Prospera Acquires TCA Financial Group

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Dallas-based boutique broker-dealer firm Prospera Financial Services announced on Thursday that it has acquired TCA Financial Group in Charlotte, N.C. TCA is a full service broker-dealer founded in 2004. The acquisition means Prospera will be able to increase its footprint in the mid-Atlantic region.

“It made sense,” said Tim Edwards, principal and executive vice president at Prospera, when asked about the reasons for the acquisition. “It was an opportunity for us to expand our footprint with quality advisors that have a high production per rep and a similar culture.”

TCA will close its broker-dealer and operate as an OSJ under Prospera, but will retain its name and branding. The acquisition also comes with an expanded clearing relationship, as TCA is on the Pershing platform.

“TCA was at a size in which regulation was becoming more and more a part of their cost of doing business,” Edwards added. “We said ‘look, concentrate on your advisors and clients,” and this affords them the opportunity to do that.”

Edwards noted that Prospera is a boutique firm, and will remain so. He doesn’t see it ever becoming a firm “with thousands of reps.” That said, the acquisition of firms “between $5 million and $10 million, or even $5 million and $20 million” is part of a defined growth strategy.

“We have a growth strategy, and part of that growth strategy is through acquisitions,” he concluded. “There is a lot of opportunity right now.”

Founded in 1982, Prospera Financial Services was named Broker-Dealer of the Year by Investment Advisor in 2009, 2010 and 2012.


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