Prime Capital Financial launches UHNW family office

Prime Capital Financial is making its maiden foray into the family office space with its latest acquisition in Texas.

The firm announced Monday that it has acquired SineCera Capital, an Austin-based wealth management and family office services firm, to launch Prime Capital Family Office. The move positions the firm in the growing ultra-high-net-worth advisory market as more RIAs expand beyond traditional wealth management to compete with private banks and multi-family offices.

SineCera, founded in 2019 by Kevin Kaylakie, currently advises clients with aggregate assets of $1.55 billion. The firm specializes in alternative investments and a suite of family office services, including estate planning, complex reporting, bill payment, and banking management. Kaylakie will now serve as president of Prime Capital Family Office.

"This partnership allows us to broaden our reach and enhance the tailored services we provide, while maintaining the high level of attention and discretion our clients expect," Kaylakie said in a statement Monday.

The SineCera deal is the latest in a string of key developments Prime Capital Financial, which reportedly oversees approximately $30 billion, including its acquisition of Sugarloaf Wealth Management last month and the November hiring of Jania Stout as its national retirement practice leader.

RIAs expanding into the family office market

Prime Capital’s move comes as more RIAs build out services aimed at ultra-wealthy families, a segment that has traditionally relied on private banks or single-family offices. Multi-family office models, where firms serve multiple high-net-worth families under one umbrella, have gained traction as demand rises for specialized wealth management solutions.

As of 2023, Capgemini's most recent World Wealth Report estimates that UHNW individuals – those with at least $30 million in assets – collectively controlled nearly $30 trillion in global wealth, with North America holding $7.75 trillion.

"SineCera will be the key to expanding our family office offering," Glenn Spencer, chief executive officer at Prime Capital Financial, said Monday. "Their mastery of the UHNW space and commitment to personalized service perfectly align with our mission."

Several other RIAs have added or expanded their reach into the family office space in recent months, includng Corient's acquisition of $10.4 billion multi-family office Geller & Company in New York and Homrich Berg's deal to acquire WMS Partners, which oversees $6.3 billion, in Towson, Maryland.