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Prospera Financial Buys Dorsey & Co.

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Prospera Financial Services a wealth management firm serving independent advisors, said Wednesday that it has acquired Dorsey & Co., a New Orleans firm with roughly $1.4 billion in assets under management. 

The firm will maintain the Dorsey and Co. brand and operate as a Prospera office of supervisory jurisdiction.

Dallas-based Prospera, which will celebrate its 40th anniversary next year, works with about 150 financial advisors and some $14.6 billion in assets under management.

“We are delighted to team with Dorsey & Company, whose boutique approach to service and shared culture make them a perfect partner for us going forward,” according to Tim Edwards, Prospera’s co-chief executive and managing partner, said in the announcement. 

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“In an era when many firms our size have been absorbed by larger industry players, Prospera is proud that we’ve been able to go against the tide by becoming active acquirers and continuing to expand. We look forward to sustaining our record of service-driven growth and success,” Edwards explained. 

Dorsey & Co. is known for its fixed income expertise, while Prospera’s services include:

  • Practice management expertise.
  • Comprehensive succession planning assistance.
  • Marketing strategy and execution support.
  • Research from top analysts.
  • Industry-leading insurance solutions platform.

Dorsey & Co. was founded in 1959 by George Dorsey, who later handed over the reins to his son, Philip. Raymond Thompson took over as the firm’s president and chief executive after Philip Dorsey’s death in 2019. 

Thompson will continue in a leadership role and become branch manager of the OSJ.

Prospera Financial was recognized by ThinkAdvisor as a member of its Class of 2021 LUMINARIES winners for its excellence in Thought Leadership and Education.