Carson Group takes equity stake in $1.1 billion Pinnacle Financial Group

Carson Group announced Friday that it has brought $1.1 billion Pinnacle Financial Group into the fold through an equity partnership option program introduced earlier this year. Michael David, founder and chief executive of Amarillo, Texas,-based Pinnacle, will maintain 75% ownership of the advisory firm, which has five locations throughout Texas and Kansas. Carson Group, based in Omaha, Neb., describes the new equity partner option as an "alternative to the fully independent partnership that underpins" the firm's traditional partnership services. According to a Carson Group spokeswoman, Pinnacle is the fifth firm to join under the new equity partnership since April. The equity partnership involves Carson Group acquiring at least 25% ownership in the incoming advisory firm, which is then able to leverage Carson services, technology and marketing support. The equity partnership firms are folded into and renamed Carson Wealth.