Buckingham Strategic Wealth LLC announced that it has agreed to acquire Carolina Capital Consulting Inc., a registered investment advisor based in Charlotte, N.C.
Brian Fenn, president of Carolina Capital, said that was the primary reason his firm was partnering with Buckingham was a shared mission in service to their clients.
“Partnering with Buckingham will expand the holistic wealth management services we can offer,” he said in the news release. “It will also give us access to excellent thought leadership resources and a full range of support functions. These capabilities will further enhance our ability to serve clients nationwide as stewards of their trust."
Details of the transaction were not disclosed, but the news release reported that it is expected to close in the third quarter, subject to customary closing conditions. Upon closing of the transaction, Carolina will be integrated into Buckingham, the release said.
According to Carolina Capital’s SEC filings, the firm managed assets on a discretionary basis in the amount of $364,211,716, as of January and had 111 client relationships.
Founded in 1994 by Brian Fenn, Carolina Capital is a fee-only fiduciary firm that specializes in the healthcare field, providing wealth management and tax planning services to executives, professionals, business owners, and retirees and their families in the Charlotte metropolitan region.
Buckingham Chief Operating Officer Justin Ferri said in a prepared statement that both his firm and Carolina Capital stood to mutually benefit from their new partnership.
"We foresee that the addition of Carolina Capital will provide us with significant opportunities to serve more clients with fiduciary advice as we continue to strengthen our presence in the Southeast region," he said.
Headquartered in Clayton, Mo., Buckingham Strategic Wealth and its network of independent advisors collectively managed or administered more than $57 billion as of December 31.