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Prime Capital Launches Family Office to Address Growing UHNW Needs
In a remarkable move aimed at addressing the evolving needs of ultra-high-net-worth (UHNW) clients, Prime Capital Financial has acquired SineCera Capital to establish a specialized family office division. Based in Austin, Texas, SineCera Capital manages $1.55 billion in assets and provides tailored financial solutions, ensuring that Prime Capital can expand its offerings in estate planning, investment management, and more to a targeted clientele of affluent families.
Strategic Acquisition: Why SineCera Was the Ideal Fit
CEO Glenn Spencer explains that this acquisition was not just about gaining assets; it was about aligning business philosophies and operational flexibility. Over a three-year period, Prime Capital sought various firms, but many lacked the adaptability required to integrate seamlessly with its existing advisor structure. SineCera, founded by Keven Kaylakie—who brings extensive experience working with wealthy clients—met these specific criteria, making the acquisition a strategic triumph.
Enhancing Service Offerings for UHNW Families
The newly formed Prime Capital Family Office will focus on high-level services such as comprehensive estate planning, bill payment management, and investment oversight, while ensuring quality reporting across all client assets. This holistic approach is critical as wealth transfers to younger generations, who increasingly demand more sophisticated and personalized services.
The Importance of Quality Reporting in Family Offices
As per Spencer's observations, UHNW clients prioritize exceptional reporting and management of diverse investments, from business ownerships to private equity stakes. This call for high-quality, consolidated reporting solutions means that Kaylakie's expertise with financial management software like Addepar becomes invaluable in addressing client needs efficiently.
Anticipating Future Trends Among Wealthy Families
The shift in service demands among wealthy families can be closely tied to generational wealth transitions. Younger clients seeking advanced financial tools and greater engagement with their wealth management are prompting firms to elevate their service frameworks. Spencer acknowledges that providing tailored solutions and a client-centric approach will become increasingly crucial as competition rises in this specialized market segment.
A Broader Vision: Merging Cultures and Expertise
Kaylakie, now president of the Prime Capital Family Office, emphasized that collaboration will be a key element in achieving success. By visiting with the 230 advisors at Prime over the initial months, he plans to integrate SineCera’s offerings into Prime Capital’s wider frameworks, enhancing service delivery while maintaining the personal touch that wealthy clients expect.
The establishment of this family office reflects a strategic expansion into the UHNW segment that is expected to grow significantly. As the firm continues to remain active in acquisitions, having approximately 11 deals underway, it signals a robust commitment to expanding its footprint in the wealth management space.
Conclusion: Meeting the Needs of Wealthy Families
The formation of the Prime Capital Family Office represents a critical advancement in meeting the uniquely complex needs of ultra-high-net-worth families. By harnessing the skills and expertise of SineCera, Prime Capital aims not just to provide services but to create meaningful partnerships that foster financial wellbeing. As wealth management continues to evolve, this partnership serves as a beacon of what tailored finance can achieve.
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