Prime Capital Financial, Carnegie expand Eastern footprints

Prime Capital Financial and Carnegie Investment Counsel are deepening their reach in the Eastern US with their latest partnerships.

On Monday, Prime Capital Financial has partnered with Sugarloaf Wealth Management, a Duluth, Georgia-based RIA with an additional office in Athens.

The transaction marks the Overland Park, Kansas-headquartered giant's maiden expansion into the Atlanta metro area and adds nearly $1 billion in assets under management. Sugarloaf’s 13-member team will integrate with Prime Capital’s national network, which spans 70 locations across the US and represents $30 billion in assets.

Founded in 1989, Sugarloaf provides financial planning, investment management, retirement and tax strategies, risk management, and specialized services for college and professional athletes and coaches.

"Sugarloaf’s rich history and specialized expertise make them an ideal partner. Together, we’re well-positioned to broaden our support to individuals and families across the Southeast region," Glenn Spencer, chief executive officer at Prime Capital Financial, said on Monday.

Jason Connolly of Sugarloaf Wealth Management noted that the deal, expected to close in early March, would allow the firm to maintain its client-first approach while benefiting from Prime Capital’s expanded resources.

“Becoming part of Prime Capital Financial allows us to build on the foundation we’ve spent decades creating while gaining access to enhanced resources and support,” he said.

Prime Capital Financial, formerly known as Prime Capital Investment Advisors, deepened its bench of female leaders last year with its July promotion of Annette VanderLinde as president of Liberty Wealth Advisors, its remote advisory business. The firm leaned into that movement in November by tapping industry veteran Jania Stout as its national retirement practice leader.

Meanwhile, Cleveland-based Carnegie Investment Counsel has acquired Eagle Ridge Investment Management, a Stamford, Connecticut firm with $1.3 billion in assets under management. The acquisition increases Carnegie’s total assets by more than 25 percent, bringing its total to approximately $5 billion as of December 31.

Aside from strengthening Carnegie’s presence in the greater New York metropolitan area, the deal adds 14 employees to Carnegie’s teamwhile expanding its capabilities to serve investors with customized wealth management solutions.

Eagle Ridge’s leadership and staff will remain in place, ensuring continuity for clients. The firms plan to integrate their operations while maintaining personalized service.

"Our dedication has always been about making client satisfaction a top priority," David Laidlaw, managing partner and portfolio manager at Eagle Ridge, said Monday. "By joining forces with the premier team at Carnegie, we’re able to grow our resources and offerings to better serve those clients while maintaining the high-touch, personalized approach they have come to expect."

In July, Carnegie also intensified its focus on retirement planning by welcoming seasoned expert Wendy Eldridge, whose experience spans roughly 25 years across the retirement plan and financial services spaces.