Cetera's employee RIA hits $2.6B milestone with Parrott Wealth Management

Cetera's employee-based RIA has expanded its footprint further in the South as it welcomes an independent wealth firm in Texas.

The Retirement Planning Group, which Cetera Holdings acquired in 2023, announced that it has acquired Parrott Wealth Management.

The deal for the Austin-based independent brings in approximately $185 million in AUM and thickens TRPG's book of business to over 2,000 clients and more than $2.6 billion in assets.

Led by its namesake founder William Parrott, Parrott Wealth Management has three full-time professionals and serves around 200 clients. His IAPD profile with the SEC shows a 35-year record of industry experience, including links with Morgan Stanley, Wachovia Securities, and Charles Schwab.

As part of the acquisition, Parrott and his team will merge into TRPG, bringing their expertise to the firm’s existing resources and highlighting TRPG's focus on integrating client-centric practices with independent advisory firms.

"Bill and his team are welcome additions to TRPG, where they will be well positioned to serve their clients first and foremost," Kevin Conard, CEO of The Retirement Planning Group, said in a statement Tuesday.

Parrott expressed optimism about the future of the partnership, citing "TRPG's resources, capabilities, and expertise to empower the next chapter of success for our business.

"Joining a thriving business like TRPG is a great opportunity for our practice and our clients as we look to the future," he said.

Parrott Wealth Management joins three other RIAs TRPG onboarded so far in 2024, including fellow Overland Park, Kansas-based firm Dightman Capital Group in February, Hawaii-based Lee Financial Group in June, and its August deal for Watters Financial Services in New Jersey.