Hybrid-RIA United Capital Financial Advisers said Monday that it has acquired two firms that should add $1.5 billion in client assets to its platform, which currently has about $15 billion in wealth-management AUM and $8 billion in retirement plans.
The larger purchase, of PSA Insurance & Financial of Hunt Valley, Maryland, includes a retirement plan practice with $1.1 billion in assets under advisement, while its wealth management practice has close to $190 million in assets.
Newport Beach, California-based United Capital also is acquiring the assets of Select Financial Group of Pittsburgh, which has some $270 million total assets. John “Jack” Abriola, founder of Select Financial, is becoming a partner and managing director of United Capital; seven employees are joining United Capital as well.
“For us, geography does matter [when striking a deal], but more than anything else, there’s a cultural alignment with individuals,” said Matt Brinker, senior VP of partner development and acquisitions at United Capital, in an interview with ThinkAdvisor. The management and staff at PSA and Select Financial are “myopically focused on improving the lives of their clients.”
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The importance of technology in today’s wealth-management and retirement practices has also been a factor in United Capital’s acquisition run, according to Brinker.