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Prime Capital Investment Advisors announced the acquisition of Reno, Nev.-based RIA Cornerstone Comprehensive Wealth Management on Thursday. The deal adds $400 million in assets under management and establishes PCIA’s first office in Nevada.

With decades of experience serving individuals and families, Cornerstone is one of the 10 largest firms—by AUM—in the Reno area. Led by President Christopher Abts, one of four advisors, the team of 10 will continue to serve approximately 575 households.

“Partnering with PCIA will enhance our client service capabilities and expand our investment management solutions for our clients and their families,” Abts said in a statement.

“Rather than measuring its success against other firms, Cornerstone does so based on the goals of its clients,” said PCIA CEO Glenn Spencer. “We believe this is critical to providing top-tier client services and will, in turn, generate organic growth. I’m excited to expand into Nevada.”

Among the things that attracted PCIA to Cornerstone is a lead-generating television show that Abts produces, Redefining Retirement.

Calling the show “highly effective,” Park Sutton Managing Director Dan Erichson noted Cornerstone has seen double-digit organic growth over the last five years and is among the fastest growing firms in a state considered attractive to many buyers.

Park Sutton Advisors, led by Erichson, served as financial advisor to Cornerstone on the transaction.

“PCIA has plans to use Cornerstone’s marketing methodologies and TV show to drive leads to a virtual advisory practice it acquired,” he said, referring to the December 2022 acquisition of Liberty Wealth.

Based in Overland Park, Kan., PCIA offers fee-based asset management and financial planning through its Prime Capital Wealth Management brand, as well as retirement plan advisory services and education through its Qualified Plan Advisors brand.

The firm was established in 1985, before being bought out and rebranded in 2017. Since officially re-launching in January 2018 with around $2.8 billion in client assets, Prime Capital Investment Advisors has announced 14 acquisitions in addition to Cornerstone.

Today, PCIA manages approximately $7.9 billion in assets and advises on $8.8 billion.

After selling a 20% stake to private equity firm LNC Partners in 2019, the firm switched capital partners in the spring of 2020 to an individual private investor and established a new credit facility.

The company subsequently recapitalized in October 2021 when more than 10% of the firm’s equity was sold to 88 existing employees, bringing employee ownership to 65%. A handful of other investors account for the remaining 5%, Spencer told WealthManagement.com back in January, noting the percentages were estimates.

Now, he said, all acquired firms are expected to take equity.

“The vision was always to be advisor-owned,” he said. “If you look at all the other professional services industries, they’re all organized as a partnership of practitioners. And we see the financial advisory industry as very similar. We want the people driving client relationships and the revenues of the firm to not only have an equity stake in the company, but also to have a voice in the company.”

Terms of the Cornerstone deal were not disclosed.

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