Texas-based wealth manager Financial Gravity Companies has agreed to purchase Presidential Brokerage, a brokerage and wealth management firm headquartered in Colorado.
The two firms will have an equal stake in the merged entity.
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Financial terms of the all-stock deal were not revealed. Deal closure is anticipated by the end of this year.
Upon deal completion, Presidential aims to continue bolstering its reach in the independent brokerage space by prioritising client acquisition, financial innovation, practice management, as well as entrepreneurialism.
“Synergies will come from the increased scale of the combined organisations, the sharing of best practices, the increase in ideas, financial innovation, organic growth, and cost reduction,” Financial Gravity noted.
The deal, which already secured the go-ahead from the two companies’ boards, is pending shareholder and regulatory nod.
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By GlobalDataFinancial Gravity CEO and co-chairman of the board Scott Winters said: “By bringing together these two symbiotic companies, we are creating a strong platform for the distribution of financial innovation, wealth management, and insurance services.
“It is our goal to build a nationwide network of financial adviser representatives. Our combined brands and business mean increased scale and synergies that will help us capture market share.”
As part of the deal, Winters will become executive director at Presidential while retaining his existing responsibilities.
