California-based Carson Wealth Management Group has acquired Caton Financial, a San Francisco-based independent financial advisory firm with US$218 million assets under management.
Caton Financial’s founder and wealth manager, Nancy Caton, will head Carson Wealth’s new San Francisco office and transition her business to access Carson Institutional Advisory’s (CIA) client-centric succession solution and scalable model.
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CIA is a new venture of Carson Wealth and its chief executive, Ron Carson. Terms of the deal were not disclosed.
Caton, who was an advisor with Raymond James for 23 years, has committed to staying with Carson Wealth Management for a minimum of five years.
Ron Carson said: "We’re highly selective in terms of the advisors we work with. There are several acquisitions we have not announced yet. Carson Wealth plans to buy seven to eight offices by year-end.
"We’re able to handle a lot of things in-house, which keeps our costs down and translates into substantial savings for advisors and their clients.
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By GlobalData"Advisers appreciate our flexible approach and overnight succession plan," Carson added.
Caton said:"Merging with Carson Wealth allows me to continue serving my clients and do best build relationships and provide financial advice, while eliminating the administrative headaches."
"Carson Wealth’s broker-dealer and primary custodian, LPL Financial, provides a uniquely effective platform, whose business mix is 75% advisory and 25% brokerage services. We’re pleased to be aligned with an independent broker-dealer and custodian, and are grateful to LPL Financial for the recruiting resources and support the company provided in our partnership," Carson said.
