Prospera Financial Services has acquired an independent broker-dealer to expand its capabilities and footprint.
St. Louis, Missouri based Cutter & Company manages approximately $2 billion in client assets. As well as being a broker-dealer, it is an insurance agent, and RIA. It has advisors nationwide but most are in the Midwest.
Cutter is led by CEO Deborah Castiglioni and president William Meyer, who founded the company in 1988. Castiglioni will remain in a leadership position while Meyer will continue to serve his book of clients. The firm’s 40 advisors and 12 employees will all stay with the firm as it transitions to Prospera.
“As we looked for the right partner to support our next phase of growth, Prospera was the clear choice. Our shared values of client service and advisor-centric decision-making provide clear cultural synergies with excellent opportunities for future growth. Working with Prospera will enable our team to focus on our advisors' needs, providing them with enhanced technology and tools to grow their businesses.”
Prospera says that the enlarged footprint will not impact its industry leading staff-to-advisor ratio.
“Smaller, boutique broker-dealers provide meaningful service to their advisors and will continue to be a valuable asset to the wealth management industry,” said Prospera Chairman and Co-CEO Tim Edwards. “The Cutter team understands the importance of personal connections between staff and advisors, and how these relationships enhance the advisor’s ability to build a strong, independent business. We are excited to welcome Debbie, Bill and the entire team to the Prospera family.”
Just over a year ago Prospera launched a family office program to serve ultra-high-net-worth individuals. It also welcomed the former scion of Wunderlich Securities who left B. Riley Financial which acquired Wunderlich in 2017.
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