US-based Carson Group has bought The Shobe Financial Group, a financial planning and wealth management firm in Louisiana, for an undisclosed sum.

The Shobe Financial Group has more than $500m in assets under management (AUM) and 16 employees.

The firm’s partner and chairman Ed Shobe along with co-partner and president Jason Windham will continue to head the team.

The latest deal, which represents one of Carson Group’s biggest acquisitions, offers The Shobe Financial Group a succession plan to maintain continuity for the business and its customers.

The Shobe Financial Group will also be able to eliminate business risk by becoming part of Carson Group, and support growth, according to Carson.

It will be the seventh branch wholly-owned by Carson Wealth in the US.

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Windham said: “As a Carson Wealth office we will have access to expanded resources and can focus on what we do best: helping families and businesses pursue their life’s goals through good financial decisions.

“We didn’t take this decision lightly – it’s been more than a year in the making, and after careful consideration and due diligence we know that our decision to join Carson Wealth is what is in our clients’ and our teams’ best interest.”

At present, Carson Group has $21bn in assets under management. The firm caters to over 45,000 families via its network of more than 460 advisors worldwide.

In January this year, Carson Wealth announced the purchase of an equity stake in White Ember Financial Planning.