Dallas-based independent broker-dealer Prospera Financial Services announced it has acquired St. Louis, Missouri-based Cutter & Company, an independent broker-dealer with about $2 billion in total client assets, 40 advisors, and 12 employees.
Cutter & Company CEO Deborah Castiglioni, President William Meyer, and the whole staff will remain with the company. Castiglioni will serve in a leadership position, ensuring the smooth transition of the Cutter staff to Prospera’s back office, and Meyer will continue to advise his book of clients.
This deal was built on years-long relationships across both firms and mutual respect for the other’s approach to the business and culture of advisor service. Ultimately, the ability to streamline operations, compliance and technology drove Cutter & Company to consider this path.
The deal closed on March 31, and the terms were not disclosed.
KEY QUOTES:
“Smaller, boutique broker-dealers provide meaningful service to their advisors and will continue to be a valuable asset to the wealth management industry. The Cutter team understands the importance of personal connections between staff and advisors, and how these relationships enhance the advisor’s ability to build a strong, independent business. We are excited to welcome Debbie, Bill and the entire team to the Prospera family.”
“I’m excited we’ve had the opportunity to build a stronger firm together. Together with Bill, the leadership of Cutter & Company, their employees and advisors are a perfect fit within our firm.”
- Prospera Chairman and Co-CEO Tim Edwards
“As we looked for the right partner to support our next phase of growth, Prospera was the clear choice. Our shared values of client service and advisor-centric decision-making provide clear cultural synergies with excellent opportunities for future growth. Working with Prospera will enable our team to focus on our advisors’ needs, providing them with enhanced technology and tools to grow their businesses.”
- Deborah Castiglioni
