Prospera Financial Services, a nationwide boutique wealth management firm, RIA and independent broker-dealer based in Dallas, Texas, is continuing its rapid growth with the acquisition of Dorsey & Company, a New Orleans-based firm with approximately $1.4 billion in assets under management, the two firms announced today.

Dorsey & Company, an RIA and broker-dealer, will continue to operate under its own brand and will be a Prospera OSJ.

The move underscores Prospera’s growth trajectory in recent years and signals its interest in making future acquisitions, at a time when “many similarly sized peers have been sold to larger firms during the industry’s ongoing consolidation wave,” Prospera said. Excluding this transaction, Prospera has nearly 150 financial advisors across the country, with approximately $14.6 billion in assets under management. The terms of the deal were not released.

Tim Edwards, Prospera co-CEO and managing partner, said in a statement, “In an era when many firms our size have been absorbed by larger industry players, Prospera is proud that we’ve been able to go against the tide by becoming an active acquirer and continuing to expand. We look forward to sustaining our record of service-driven growth and success.”

“We are looking at additional smart acquisitions in the future, not just growth for growth’s sake,” he said in an interview.

Dorsey & Company was founded in 1959 by George Dorsey, who later handed the reins over to his son, Philip. Raymond A. Thompson took over as president and CEO of the firm following Philip’s passing in 2019. Thompson will continue in a leadership role and become branch manager of the OSJ.

“We are well positioned in the fixed income market for investing and advice, which is what we bring to Prospera,” Thompson said in an interview.

Dorsey & Company wants to grow with the assistance in compliance and technology that Prospera can provide for the firm, Thompson added.

Edwards described both companies are boutique firms, which he said means they are exclusive, high-touch firms. Together, the firms offer clients and advisors complementary skill sets.

The acquisition enhances Prospera’s “value proposition and vision, which allows advisors to define their brand, chart their own success story and, ultimately, thrive. As we continue to grow the firm and welcome new financial advisors through recruiting and acquisitions, we will not stray from what has made us so special up to this point – a nimble, responsive and personalized-service approach that drives success for the advisors we support,” Edwards said in a statement.

“We think this is an optimal time for mid-sized firms that are positioned well financially, like Prospera, to grow,” Edwards said.