Stratos Wealth Enterprises has decided to acquire a 25% stake in financial advisor Robert Patti’s wealth management firm to firm up its presence in the US state of Georgia.
Patti, who joined Stratos Wealth Partners as an independent advisor in 2013, managed approximately $280m in advisory assets as of 31 December 2021.
The Georgia-based wealth manager has been serving clients for over two decades. He specialises in asset management, financial planning, and estate planning for affluent and ultra-affluent clients individuals, foundations, and endowments.
Last year, he was named to Forbes’ Best-in-State Wealth Advisors list.
Lou Camacho, COO of Stratos Wealth Holdings and president of Stratos Wealth Enterprises, said: “Rob’s approach to financial planning, providing all his clients with custom-tailored strategies, has supported his significant growth over the past several years.
“Stratos’ 25% minority stake in Rob’s firm is the first of its kind in the Greater Atlanta area, and as his equity partner, we look forward to amplifying his strengths as an advisor.”
Collectively, Stratos companies managed $23.3bn in advisory assets at the end of December 2021.
Commenting on the deal, Patti said, “Stratos has transformed our business and enabled us to retain our independence, while allowing our team to gain access to critical resources and expertise that has fueled our growth.
“This strategic investment will give our firm an even greater advantage in the independent space in the form of new growth capital, fresh ideas, and a renewed partnership with a leader in the wealth management space. We look forward to the next phase of growth and success.”
Stratos Wealth Partners founder and CEO Jeff Concepcion said: “There is no better example of growth than the business Rob has built over the years for his clients.
“We are excited to strengthen our support for one of the most outstanding professionals serving his community today.”