Dallas-based boutique broker-dealer firm Prospera Financial Services announced on Thursday that it has acquired TCA Financial Group in Charlotte, N.C. TCA is a full service broker-dealer founded in 2004. The acquisition means Prospera will be able to increase its footprint in the mid-Atlantic region.
"It made sense," said Tim Edwards, principal and executive vice president at Prospera, when asked about the reasons for the acquisition. "It was an opportunity for us to expand our footprint with quality advisors that have a high production per rep and a similar culture."
TCA will close its broker-dealer and operate as an OSJ under Prospera, but will retain its name and branding. The acquisition also comes with an expanded clearing relationship, as TCA is on the Pershing platform.
"TCA was at a size in which regulation was becoming more and more a part of their cost of doing business," Edwards added. "We said 'look, concentrate on your advisors and clients," and this affords them the opportunity to do that."
