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 providers.
Hartman Wanzor McNamara LLP will bolster Prime’s tax providing, which beforehand had been compliance providers provided by licensed tax preparers and exterior companions. The agency has about 30 workers offering tax planning, compliance, accounting and enterprise advisory providers. Founders Nick Wanzor and Frank Hartman can be companions with Prime Capital Tax Advisory, and Josh McNamara will be part of as a managing companion.
“Our increased web value purchasers and our purchasers with advanced tax conditions have constantly requested our monetary advisors to assist them discover an awesome tax advisor,” stated Scott Duba, Prime Capital’s president of wealth administration and chief funding officer. “Now these sources can be found throughout the similar group.”
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’ve got expanded our capabilities in tax advisory, household workplace, various investments, insurance coverage options, belief and property providers and retirement plan providers,” Duba stated. “Shoppers repeatedly inform us they need extra options from their monetary advisors, whom they belief greater than some other skilled service supplier. We proceed to think about investing in further capabilities, however at current we’re most centered on educating our purchasers on all of the sources they have already got at their disposal.”
The transfer into tax providers mimics what many different giant RIAs have executed lately, via offers and partnerships.
“Tax impacts practically each monetary determination,” McNamara stated in an announcement. “By instantly integrating our information into an already sturdy 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 the moment has 70 workplaces within the U.S. and, in line with its most up-to-date Type ADV, a complete of $30 billion beneath administration and advisement. About $16.5 billion of these property are discretionary, and about $13.6 billion are non-discretionary.
