Prospera Financial Services, a Dallas-based independent broker/dealer, has acquired Cutter & Company, a St. Louis-based IBD with about $2 billion in assets. Cutter adds about 40 advisors to Prospera’s platform, and the IBD says the expansion will not impact its staff-to-advisor ratio. With this acquisition, Prospera will have 224 advisors and $24 billion in total assets.
Ballwin, Mo.-based Cutter was founded in 1988 by CEO Deborah Castiglioni and President William Meyer. Castiglioni will take on a leadership role at Prospera, while Meyer will join as an advisor, serving his book of business.
Cutter’s staff of 12 employees will remain intact.
“Smaller, boutique broker/dealers provide meaningful service to their advisors and will continue to be a valuable asset to the wealth management industry,” said Prospera Chairman and co-CEO Tim Edwards in a statement. “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.”
Cutter chose Prospera for its operations, compliance and technology platform. The IBD uses RBC and First Clearing for clearing, while Prospera clears through First Clearing.
Last year, Prospera debuted a new suite of family office services featuring “a multi-layered support team” of experts to help advisors create personalized wealth strategies for their wealthiest clients.
The IBD also launched a new employee development program last year, called IgniteProspera, to cultivate the next generation of leaders at the firm. The program offers mentor relationships, a structured educational plan and hands-on experience.
In 2023, the IBD launched a formal suite of succession planning resources. The firm’s “Succession Your Way” suite encompasses three distinct options, including Prospera Wealth Advisors, where the firm will purchase an advisor’s book of business that it will manage in-house.