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World Cup: 6 new techs hoping to score
To continue its expansion in Atlanta, United Capital announced Monday it bought the majority of the assets of Atlanta-based PPA Advisors.
The acquisition comes just nine days after United Capital acquired an Atlanta wealth manager and is the latest example of the firm's aggressive, Starbucks-inspired expansion strategy.
United Capital's acquisition of Virginia-based c5 follows on the heels of its July 1 announcement that it has acquired Georgia-based PPA Advisors.
"What we ... know is that there are a lot of advisors who think their entire value is wrapped around they're delivering advice to clients and telling them how it's going to work out,," Joe Duran, the CEO of United Capital said. "But the reality is that we don't believe that's the future."
Michael Durbin relishes being on the forefront of advisory industry’s transformation.
The news follows a series of similar such announcements recently involving larger RIAs buying their smaller counterparts.
This year, Duran said the company plans to aggressively expand its business model, and its brand -- aiming to look more like Starbucks and less like rivals HighTower and Dynasty Financial.
In other M&A news, Envestnet completed its acquisition of Prudential WMS, and Madison Dearborn Partners completed its NFP deal.
Well-regarded David Corkins kept a low profile after leaving Janus—until he made a play for like-minded Meridian Funds.