Wealth management company Prime Capital Investment Advisors (PCIA) of Overland Park, Kan., grew its Northwest Arkansas footprint on April 1 when it closed a deal to acquire Fayetteville firm Sphere Wealth Management.
Financial terms were not disclosed.
PCIA entered the market in January 2019 when it acquired Fayetteville-based Longer Investments Inc. from Elaine Longer, who founded the business in 1985. Longer leads the business known now as Longer Financial, an affiliate of Prime Capital Investment Advisors.
Donald Paul, John Paul and Keith Lea, all managing partners with Sphere, joined PCIA following the acquisition.
“We are excited to be adding top advisory talent to our team in Fayetteville. We also look forward to providing Sphere clients with an even broader array of wealth services moving forward,” said Eric Krause, managing director of PCIA’s business in Fayetteville.
With the acquisition, PCIA added more than 200 families and approximately $50 million in assets under management (AUM) to its Northwest Arkansas business. John Paul started Sphere Wealth Management in 2015. Don Paul and Lea joined the firm in 2017.
“Our team is proud of what we built under the Sphere name, and we look forward to utilizing the expanded services of PCIA to provide our clients with a broader range of services moving forward,” John Paul said in a statement.
Prime Capital has 27 U.S. offices. The company reported $12.48 billion in regulatory assets under management in a March 9 filing with the U.S. Securities & Exchange Commission.