Prairie Wealth Advisors, a registered investment advisor based in Lincoln, Nebraska, has crossed the $1 billion threshold in client assets following its merger with The McEwen Group, a five-person team that previously operated under RBC Wealth Management. The deal, which closed recently, adds approximately $600 million in combined assets under management and 401(k) plan assets to Prairie Wealth's existing book.
The McEwen Group, led by managing director Tim McEwen, CFP, brings roughly $400 million in AUM and $200 million in retirement-plan assets. The team will retain its brand within Prairie Wealth and continue serving mass-affluent, high-net-worth, and ultra-high-net-worth families. McEwen will assume dual roles as wealth advisor and managing partner, and will also take the title of president. Prairie Wealth founder and CEO Craig Hundt noted that he and McEwen have known each other professionally for nearly a decade.
“There's a lot to consider when moving from the broker-dealer world into independence,” McEwen said. “My trust in Craig as a leader gave us confidence in this decision, knowing we were joining a team with a long history of running a great business and always putting clients first.” Three additional McEwen Group staff members are joining Prairie Wealth: Jon McGrew, CPFA, as vice president and financial advisor; Brooke Wimes as director of client services; and Isabelle McEwen as administrative assistant.
Prairie Wealth has historically built its investment approach around municipal bonds and alternative investments. The McEwen Group brings a more equity-oriented perspective, along with deep experience in estate and succession planning, cash balance plans, and captive insurance strategies. The combination broadens the firm's capabilities for its client base.
In a separate move, Raymond James Financial Services has recruited Tom Palomares, CFP, a Tucson-based advisor who previously managed $126 million in client assets at Edward Jones. Palomares, who entered the financial-services industry in 2013, spent seven years at Edward Jones before joining Raymond James's independent contractor channel, RJFS. He has affiliated with the established SilverTree Wealth Partners team, where he will serve individuals, families, and business owners.
“Raymond James offers the culture, investment resources and independence that were most important to me as I considered this next chapter,” Palomares said. The addition continues a trend of advisors moving from traditional broker-dealers to independent platforms. For context, LPL and Osaic recently captured a $1.4B advisor team in a dual breakaway from Raymond James, highlighting the fluidity in the channel.
The moves come amid a broader wave of advisor recruitment and consolidation. Two Merrill Lynch teams recently united at Wells Fargo FiNet with $1.4B, while Osaic and Raymond James also gained. Meanwhile, Corient expanded into Oklahoma with a $7.8 billion acquisition of Capital Advisors, underscoring the scale of M&A activity in the RIA space.
For Prairie Wealth, the merger with The McEwen Group marks a milestone in its growth trajectory. The combined entity now oversees more than $1 billion in client assets, positioning it to compete more effectively for larger client relationships and to offer a wider array of services, from retirement planning to alternative investments.
