San Luis Obispo, Calif.-based WealthSource announced today that it has acquired SurePath, an RIA based in Austin, Texas.
As a result of the acquisition, SurePath will merge into WealthSource Partners, WealthSource’s RIA, which now has more than $1.5 billion in assets.
“We’re seeking out mission-driven, growth-oriented and tech-savvy advisors who want a fresh start to expand their practice — as well as those who are planning their exit,” said Bryan Sullivan, CEO at WealthSource, in released comments. “Our partnership structure allows entrepreneurial advisors to take advantage of multiple expansion opportunities. By joining WealthSource, advisors are empowered with our collective resources, while our end-to-end practice management system boosts their organic growth.”
SurePath founder and CIO Patrick Brewer will become president and chief marketing officer of WealthSource as part of the transition.
Brewer and WealthSource pitched the transaction as the beginning of a new RIA roll-up business.
“Aggregators, roll-ups, and consolidators are ‘old-think;’ they’ve all sold, gone public or are plodding along losing the same advisors they once attracted,” said Patrick Brewer, in released comments. “The WealthSource team represents ‘new-think’ as we magnify and amplify what advisors do best: Connect with clients and prospects in a way that’s unique to them. We power advisor growth by providing hands-on assistance to run live webinars and seminars, start and grow podcasts, develop custom content strategies including video production and social media distribution, and implement targeted local SEO strategies.”
According to SurePath's latest Form ADV 1, the firm has $65.7 million in client asset under management.