Nebraska-Based RIA and Former RBC Team Merge to Form $1B RIA

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A five-person squad from RBC Wealth Management has breached distant to articulation with Prairie Wealth, a registered concern advisor based successful Omaha and Lincoln, Neb.

The McEwen Group, which volition support its name, joins Prairie Wealth with much than $400 cardinal successful assets nether absorption and astir $200 cardinal successful 401(k) program assets. Combined, the 2 firms volition oversee implicit $1 cardinal successful lawsuit assets. The steadfast is tally by Timothy McEwen, who held the relation of elder vice president - subdivision manager portion astatine RBC.

Craig Hundt, CEO and laminitis of Prairie Wealth, said the merger is the effect of years of consideration, including with aggregate consultants, connected however to physique a succession program portion keeping the steadfast successful place.

“It was astir gathering a concern that tin outlive me, and to bash that, you’ve got to person a deeper seat of radical that tin lead, that tin beryllium rainmakers,” Hundt said. “You’ve got to person radical that tin pb the wagon. ... I knew if I could execute that, past the different 2 things could beryllium accomplished: I could spell disconnected into the sunset, and my families and clients could beryllium taken attraction of on with that adjacent procreation of employees.” 

Hundt said astatine 1 constituent helium had received a lucrative connection to beryllium acquired by different firm, which helium yet declined contempt immoderate consultants advising him to instrumentality the deal. He besides spoke to a fewer advisors astir a merger, including his son, but yet the champion acceptable was with McEwen, whom Hundt had reached retired to astir a decennary earlier with a proposal. 

The woody was done done equity, according to Hundt, and McEwen volition articulation the steadfast arsenic president and partner. The wealthiness manager for clients ranging from wide affluent to ultra-high-net-worth volition person a full squad of 11.

“I did a heavy dive into what a merger could look like, and however it would payment our clients and our staff,” McEwen said. “To spell acceptable up your ain autarkic RIA is simply a batch of enactment and a batch of time, and precise hard to bash erstwhile you’re astatine a firm. The payment of joining an existing steadfast that has a large estimation successful the assemblage and already has the compliance, oversight and exertion was a existent win-win.”

McEwen, who near astir 2 weeks ago, said his clients person responded good to the move. He likes that helium and his spouse person ownership successful the steadfast and tin connection a wider paper of concern options to clients.

“A operation that I’ve utilized often is I consciousness similar we’re going from an Applebee’s paper to a Cheesecake Factory menu,” helium said, noting the steadfast would, of course, person to instrumentality connected the owed diligence that a larger broker/dealer would different do.