United Capital Financial Advisers, a US-based wealth management firm, has acquired Ellis & Ellis, a $500m advisory firm that was formerly affiliated with Ameriprise Financial.

As part of the acquisition, Byron Ellis, founder of Ellis & Ellis, will join United Capital as a managing director along with his 10 staff members.

The new staff will take roles as wealth advisers, assistant wealth advisers, para planners and those in administrative services.

"Within the next two years, I can see us adding at least five more advisers to help with the anticipated growth. We’ve joined a firm that seeks to offer clients the same things we do: confidence and clarity as they prepare for and transition into retirement," said Ellis.

"We likely considered more than 35 firms as destinations for us the firm that aligned best with our needs, as well as the needs of our clients, was United Capital," he added.

The acquisition of Ellis & Ellis will create the seventh Texas office and 50th office nationwide for United Capital.

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Ellis & Ellis serves more than 700 clients and is based in The Woodlands, Texas.