$30B Prime Capital Creates Tax Division Via Acquisition
Prime Capital Financial announced the purchase of a Texas-based tax advisory firm to launch a Prime Capital Tax Advisory division in its march toward offering a full range of client services.
Hartman Wanzor McNamara LLP will bolster Prime’s tax offering, which previously had been compliance services offered by certified tax preparers and external partners. The firm has about 30 employees providing tax planning, compliance, accounting and business advisory services. Founders Nick Wanzor and Frank Hartman will be partners with Prime Capital Tax Advisory, and Josh McNamara will join as a managing partner.
“Our higher net worth clients and our clients with complex tax situations have consistently asked our financial advisors to help them find a great tax advisor,” said Scott Duba, Prime Capital’s president of wealth management and chief investment officer. “Now those resources are available within the same team.”
Prime Capital, based in Overland Park, Kan., announced the deal as part of its multi-year plan to build a “complete wealth management platform.” Earlier this year, the RIA launched Prime Capital Family Office, a dedicated family office division, by acquiring a $1.55 billion family office in Austin, Texas.
“Just in the past year, we have expanded our capabilities in tax advisory, family office, alternative investments, insurance solutions, trust and estate services and retirement plan services,” Duba said. “Clients repeatedly tell us they want more solutions from their financial advisors, whom they trust more than any other professional service provider. We continue to consider investing in additional capabilities, but at present we are most focused on educating our clients on all the resources they already have at their disposal.”
The move into tax services mimics what many other large RIAs have done in recent years, through deals and partnerships.
“Tax impacts nearly every financial decision,” McNamara said in a statement. “By directly integrating our knowledge into an already strong platform, we’re enhancing coordination and driving better long-term outcomes for clients.”
The deal will also add Summar Schiller and Spencer Gregg as partners and tax advisors.
Prime Capital currently has 70 offices in the U.S. and, according to its most recent Form ADV, a total of $30 billion under management and advisement. About $16.5 billion of those assets are discretionary, and about $13.6 billion are non-discretionary.