United Capital Financial Advisers has acquired the wealth management practice of PSA Insurance & Financial Service for an undisclosed sum.
Additionally, PSA has entered into a separate agreement with United Capital to have its retirement plan consulting affiliate, The PFE Group (PFE), manage the company’s retirement plans practice.
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Following the deal, wealth management clients will continue to work with the former PSA team and will have access to United Capital’s expertise in wealth management advice, investment management, financial planning and client service.
The acquisition will see ex-managing director of United Capital’s Buffalo office, Will Kelly, becoming the new wealth management practice leader for the former team from PSA.
Kelly will be responsible for providing strategic direction and leading growth initiatives for the practice.
PSA said that Kelly will move and join the team, which will remain in PSA’s Hunt Valley headquarters and become United Capital’s anchor office in the Baltimore market.
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By GlobalDataUnited Capital manages approximately $15bn in assets with 74 nationwide offices.
Moreover, United Capital has also purchased Select Financial Group, which manages about $270m in total assets.
