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

Cetera's employee RIA hits $2.6B milestone with Parrott Wealth Management
William Parrott, founder and head of Parrott Wealth Management.
The Retirement Planning Group's fourth deal for 2024 adds nearly $200M in AUM with veteran-led practice in Austin, Texas.
SEP 24, 2024

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.

Latest News

Judge OKs more than $90 million in settlement money for GWG investors
Judge OKs more than $90 million in settlement money for GWG investors

Mayer Brown, GWG's law firm, agreed to pay $30 million to resolve conflict of interest claims.

Fintech bytes: Orion and eMoney add new planning, investment tools for RIAs
Fintech bytes: Orion and eMoney add new planning, investment tools for RIAs

Orion adds new model portfolios and SMAs under expanded JPMorgan tie-up, while eMoney boosts its planning software capabilities.

Retirement uncertainty cuts across generations: Transamerica
Retirement uncertainty cuts across generations: Transamerica

National survey of workers exposes widespread retirement planning challenges for Gen Z, Millennials, Gen X, and Boomers.

Does a merger or acquisition make sense for your firm? Why now is the perfect time to secure your firm’s future
Does a merger or acquisition make sense for your firm? Why now is the perfect time to secure your firm’s future

While the choice for advisors to "die at their desks" might been wise once upon a time, higher acquisition multiples and innovations in deal structures have created more immediate M&A opportunities.

Raymond James continues recruitment run with UBS, Morgan Stanley teams
Raymond James continues recruitment run with UBS, Morgan Stanley teams

A father-son pair has joined the firm's independent arm in Utah, while a quartet of planning advisors strengthen its employee channel in Louisiana.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave