A Kansas-based financial services company is acquiring Fayetteville firm Sphere Wealth Management.
Prime Capital Investment Advisors (PCIA), headquartered in Overland Park, Kan., has acquired Sphere’s assets in a transaction that closed Thursday, April 1. The terms of the transaction were undisclosed.
This deal will bolster PCIA’s wealth management and retirement plan business in Northwest Arkansas. This is the latest acquisition for PCIA in Northwest Arkansas; in 2019, PCIA acquired Longer Investments in Fayetteville.
“PCIA couldn’t be more enthusiastic about the Sphere team joining our already strong wealth management and retirement businesses in Fayetteville,” PCIA chief executive officer Glenn Spencer said in a statement. “The team’s reputation as a leader in financial services along with their drive for excellence in all aspects of their work is inspiring and is a valuable quality we strive to possess throughout the firm.”
Under the terms of the acquisition, Sphere managing partners Donald Paul, John Paul and Keith Lea will all join PCIA. “We are proud of what we built under the Sphere name and are enthusiastic about bring the expanded services of PCIA to our clients moving forward,” John Paul said.
Sphere will be shifting its operations to PCIA’s Fayetteville offices, located on Bellafont Boulevard. This consolidation process is expected to occur during the coming months.
PCIA has two locations in Arkansas: the Fayetteville location and one in Little Rock. According to a company release, PCIA has 27 total locations.