PROSPERA FINANCIAL SERVICES ACCELERATES GROWTH STRATEGY WITH ACQUISITION OF DORSEY & COMPANY

DALLAS, Dec. 13, 2021 /PRNewswire/ -- Prospera Financial Services, Inc. ("Prospera" or "the firm"), a boutique wealth management firm supporting a nationwide network of independent advisors, today announced that it has acquired Dorsey & Company, Inc., a New Orleans-based firm with approximately $1.4 billion in assets under management. The firm will maintain the Dorsey and Company brand and operate as a Prospera OSJ.

The move underscores Prospera's impressive growth trajectory in recent years and signals its interest in making future acquisitions, just as many similarly sized peers have been sold to larger firms during the industry's ongoing consolidation wave. Excluding this transaction, Prospera has nearly 150 financial advisors across the country, with approximately $14.6 billion in assets under management.

Tim Edwards, Prospera Co-CEO and Managing Partner, said, "We are delighted to team with Dorsey & Company, whose boutique approach to service and shared culture make them a perfect partner for us going forward. 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 active acquirers and continuing to expand. We look forward to sustaining our record of service-driven growth and success."  

Dorsey & Company was founded in 1959 by George Dorsey, who later handed the reins over to his son, Philip. In building a reputation for developing close, trusting relationships with its clients, the firm has benefited from the family's steady and guiding hands over the years.

Raymond A. Thompson took over as President and CEO of the firm following Philip's passing in 2019. Mr. Thompson will continue in a leadership role and become Branch Manager of the OSJ.

Together, the firms offer clients and advisors a number of complementary skill sets. Dorsey & Company has a recognized fixed income expertise, while Prospera's services compare favorably to the offerings provided by many large firms throughout the industry, including:

• Practice management expertise
• Comprehensive succession planning assistance
• Marketing strategy and execution support
• Research from top analysts
• Industry-leading insurance solutions platform

Mr. Thompson said, "We are excited to join the Prospera family. I have developed a strong relationship with the members of its leadership team over the years, and I'm thoroughly convinced that they will only build on our long history of delivering high-quality, personalized and conflict-free strategies to our clients. Our advisors look forward to having access to expanded resources and expertise that will enhance Dorsey & Company's already first-class service and help them grow their businesses."  

Mr. Edwards continues, "I'm excited to welcome Ray and the rest of the Dorsey & Company team to Prospera. The firm is a perfect complement to ours, further enhancing Prospera's distinctive 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."

About Prospera Financial Services
Founded in 1982, Prospera Financial Services, Member FINRA, SIPC and a registered investment advisory, offers the flexibility and resources only found at some of the nation's largest broker-dealers. Headquartered in Dallas, TX, Prospera was named Broker-Dealer of the Year by Investment Advisor Magazine in 2009, 2010, 2012, 2014, 2015, 2018 and 2019. Prospera is a 3-time winner and 5-time finalist for WealthManagement.com's Industry Awards as well as a ThinkAdvisor Luminaries award winner in its inaugural year. The firm supports independent financial advisors nationwide. For more information about Prospera, visit www.joinprospera.com.

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SOURCE Prospera Financial Services