Prosperity Merges in Five Firms to Create $4.7B RIA
Prosperity Capital Advisors, a Westlake, Ohio-based registered investment advisor, is merging five firms under its brand, boosting the company’s total assets under management to $4.7 billion.
The RIA is bringing together JL Smith Holistic Wealth Management, Alison Wealth Management, OneTeam Financial, Hammer Financial Group and FSC Wealth Advisors in a deal that adds 31 advisors and $1.8 billion in combined AUM.
With the new firms, Prosperity will employ 152 professionals, including 98 advisors.
JL Smith was founded in 1995 by CEO Jason Smith, who also created Prosperity in 2011. Stan Milovancev serves as CEO of Prosperity.
“At Prosperity, we have been doing holistic wealth management for over 25 years. Just as we were one of the pioneers of the holistic approach, we are becoming a technology-empowered business to be a pioneer in the next evolution in the wealth management industry,” Smith said in a statement. “By coming together under one brand and one shared vision, we are strengthening the way we help organize, protect, grow and transfer our clients’ wealth for many generations.”
Alison Wealth Management was founded in 2015 by Dave Alison, with offices in Charleston, S.C. and Palo Alto, Calif.
OneTeam Financial was co-founded by David Buckwald and Greg Dillon in 2019. The firm is based in Red Bank and Berkeley Heights, N.J.
Greg Hammer created Hammer Financial Group in 2004, providing wealth management, income planning, legacy planning, tax preparation and Medicare planning out of Schererville, Ind.
Fishkill, N.Y.-based FSC Wealth Advisors was founded in 2010, and the firm is now led by James M. Comblo.