New York’s Cornerstone Wealth Management joins Prospera platform
Cornerstone Wealth Management, an advisory firm in Rochester, New York, has joined Prospera Financial Services.
The firm brings $600m in assets under management (AUM) to the independent broker-dealer’s platform.
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Cornerstone serves individuals and families across 25 states.
Founders Marc Johnson and Gene Richardson are leading the transition.
Six financial advisors and associate advisors are also joining Prospera, along with two support staff members.
Cornerstone’s services include retirement planning, estate strategies, risk management, and multi-generational wealth management.
Johnson said: “We wanted a partner that aligned with our long-term vision, and Prospera is that partner. Their personalised support, advisor-first culture, technology platform and commitment to helping independent financial advisors grow made the decision easy for us. We look forward to growing with Prospera.”
Prospera is a Dallas, Texas-based independent broker-dealer and registered investment adviser.
The company, founded in 1982, is a member FINRA/SIPC.
Its platform includes more than 240 independent financial advisors and more than $32 billion in client assets.
Prospera president and COO Tarah Williams said: “Marc and Gene have built their business around strong client relationships. Our job is to help them keep that focus as they grow- with the resources their practice requires, access to people who can make decisions and the flexibility to serve their clients in the way they know best. We take that responsibility seriously.”
The Cornerstone affiliation follows Prospera’s addition of Florida wealth manager John Farren last month.
Farren, based in St. Pete Beach, Florida, previously served as managing director of Farren Private Wealth. He has more than three decades of experience advising high-net-worth individuals, institutional clients, and business owners.
His work has included retirement planning, 401(k) rollovers, 72(t) distribution strategies, and custom portfolio construction.
