Prime Capital Investment Advisors Acquires RIA
Prime Capital Investment Advisors, a wealth management practice based in Overland Park, Kan., has acquired the assets of RIA firm Longer Investments, according to local news reports.
Fayetteville, Kan.-based Longer Investments was founded by Elaine Longer in 1985 and manages more than $151 million for 108 accounts in 10 states, Talk Business & Politics writes citing SEC filings.
PCIA, meanwhile, has 143 employees managing $9.7 billion for 3,300 accounts in all 50 states from 16 locations around the country, according to the Arkansas news website.
The new company will be called Longer Financial and will operate as an affiliate of PCIA, TBP writes. The companies didn’t disclose the financial terms of the deal, according to the website.
Longer will stay on in a leadership role and all seven of Longer Investments’ employees will remain in Fayetteville, TBP writes.
Eric Krause, PCIA portfolio manager and a member of its investment advisory committee, will oversee PCIA’s business in Fayetteville and will be Longer Financial’s eighth employee, according to the website.
Joining PCIA will let Longer’s firm administer retirement plans in-house instead of outsourcing them, she says, TBP writes. Krause will be tasked with integrating Longer Financial’s private wealth management operations and growing its retirement plan business, according to the website.
“We have built our growth and reputation on a foundation of trust, service and results,” Longer says, according to TBP. “Joining PCIA’s team allows us to continue to grow and maintain our high level of client service. This also will allow us to offer even more expertise and services to our clients.”