American independent advisory firm WealthSource has finalised the deal to purchase Texas-based SurePath Wealth Management for an undisclosed amount.
Concurrent with the transaction, WealthSource intends to merge SurePath into its RIA firm WealthSource Partners.
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The purchase is expected to add 33 financial advisors, supporting over 1,500 families across the US, to WealthSource Partners.
Following the acquisition, WealthSource’s AuM is expected to surpass $1.5bn.
The acquisition of SurePath is first of many strategic partnership deals expected by WealthSource this year.
The company noted that it is in discussions with several advisory teams and plans to add several more during the year.
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By GlobalDataThe Advisor Advocate approach
WealthSource’s Advisor Advocate approach offers support team of six marketers and three practice management and advisor coaches to entrepreneurial advisors.
Additionally, WealthSource’s practice management and marketing platform The Advisor Platform Management Office (AdvisorPMO) allows advisors to offload non-client-facing activities.
WealthSource support team will also support advisors to streamline investment management, implement technology, navigate compliance, create a succession plan, and handle operations-related responsibilities.
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WealthSource has appointed Patrick Brewer as its new president and chief marketing officer.
Brewer said: “The WealthSource team represents ‘new-think’ as we magnify and amplify what advisors do best: Connect with clients and prospects in a way that’s unique to them.
“We power advisor growth by providing hands-on assistance to run live webinars and seminars, start and grow podcasts, develop custom content strategies including video production and social media distribution, and implement targeted local SEO strategies.”
WealthSource CEO Bryan Sullivan said: “We’re seeking out mission-driven, growth-oriented and tech-savvy advisors who want a fresh start to expand their practice — as well as those who are planning their exit.
“Our partnership structure allows entrepreneurial advisors to take advantage of multiple expansion opportunities. By joining WealthSource, advisors are empowered with our collective resources, while our end-to-end practice management system boosts their organic growth.”
