Prime Capital Monetary introduced the acquisition of a Texas-based tax advisory agency to launch a Prime Capital Tax Advisory division in its march towards providing a full vary of shopper companies.
Hartman Wanzor McNamara LLP will bolster Prime’s tax providing, which beforehand had been compliance companies supplied by licensed tax preparers and exterior companions. The agency has about 30 workers offering tax planning, compliance, accounting and enterprise advisory companies. Founders Nick Wanzor and Frank Hartman can be companions with Prime Capital Tax Advisory, and Josh McNamara will be a part of as a managing accomplice.
“Our larger web price purchasers and our purchasers with complicated tax conditions have constantly requested our monetary advisors to assist them discover an excellent tax advisor,” mentioned Scott Duba, Prime Capital’s president of wealth administration and chief funding officer. “Now these sources can be found inside the similar staff.”
Prime Capital, primarily based in Overland Park, Kan., introduced the deal as a part of its multi-year plan to construct a “full wealth administration platform.” Earlier this yr, the RIA launched Prime Capital Household Workplace, a devoted household workplace division, by buying a $1.55 billion household workplace in Austin, Texas.
“Simply prior to now yr, we have now expanded our capabilities in tax advisory, household workplace, different investments, insurance coverage options, belief and property companies and retirement plan companies,” Duba mentioned. “Shoppers repeatedly inform us they need extra options from their monetary advisors, whom they belief greater than every other skilled service supplier. We proceed to think about investing in further capabilities, however at current we’re most targeted on educating our purchasers on all of the sources they have already got at their disposal.”
The transfer into tax companies mimics what many different giant RIAs have carried out in recent times, by way of offers and partnerships.
“Tax impacts practically each monetary choice,” McNamara mentioned in a press release. “By immediately integrating our data into an already robust platform, we’re enhancing coordination and driving higher long-term outcomes for purchasers.”
The deal will even add Summar Schiller and Spencer Gregg as companions and tax advisors.
Prime Capital at present has 70 places of work within the U.S. and, in response to its most up-to-date Kind ADV, a complete of $30 billion beneath administration and advisement. About $16.5 billion of these belongings are discretionary, and about $13.6 billion are non-discretionary.