Core Insights - Prime Capital Financial is expanding its services by acquiring a Texas-based tax advisory firm to establish a Prime Capital Tax Advisory division, aiming to provide a comprehensive range of client services [1][2] Company Developments - The acquisition will enhance Prime's tax offerings, which previously included only compliance services from certified tax preparers and external partners [2] - The tax advisory firm has approximately 30 employees who will contribute to tax planning, compliance, accounting, and business advisory services [2] - Founders Nick Wanzor and Frank Hartman will become partners at Prime Capital Tax Advisory, with Josh McNamara joining as a managing partner [2] Strategic Goals - Prime Capital's president of wealth management and chief investment officer, Scott Duba, noted that high-net-worth clients have been seeking integrated tax advisory services, which will now be available within the same team [3] - This acquisition is part of Prime Capital's multi-year strategy to develop a "complete wealth management platform," following the earlier launch of Prime Capital Family Office, which was established by acquiring a $1.55 billion family office in Austin, Texas [3] Service Expansion - Over the past year, Prime Capital has broadened its capabilities in various areas, including tax advisory, family office services, alternative investments, insurance solutions, trust and estate services, and retirement plan services [4] - Clients have expressed a desire for more solutions from their financial advisors, indicating a trend towards integrated service offerings [4] Tax Advisory Integration - The integration of tax advisory services is expected to enhance coordination and improve long-term outcomes for clients, as stated by tax advisor Josh McNamara [5] - The deal will also bring in additional partners and tax advisors, Summar Schiller and Spencer Gregg [5] Company Profile - Prime Capital operates 70 offices across the U.S. and manages a total of $30 billion in assets, with $16.5 billion being discretionary and $13.6 billion non-discretionary [6]

Core Insights - Captrust Financial Advisors has acquired Cobblestone Capital Advisors, adding $3.8 billion in client assets to its portfolio [1][2] - The acquisition enhances Captrust's presence in New York, marking its third office in the state and increasing its employee count to 87 [4] Company Overview - Captrust, based in Raleigh, N.C., manages over $1 trillion in assets under advisement and management [1] - Cobblestone Capital Advisors, founded in 1986, specializes in investment and wealth management, including private investments and family office services [3] Leadership and Team - Cobblestone brings 42 employees, including 15 advisors, led by CEO John DiPasquale, Chief Investment Officer Jason Garlock, and Managing Director of Business Development Chris Mooney [2][4] Financial Metrics - Captrust oversees more than $847 billion in nondiscretionary assets and over $237 billion in discretionary assets [5] - The firm has the highest retirement plan assets under administration among registered investment advisors (RIAs) [6] Recent Acquisitions - Prior to the Cobblestone acquisition, Captrust acquired Carolinas Investment Consulting, which had over $1.4 billion in assets [7]

Core Viewpoint - Silvercrest Asset Management Group reported a decline in earnings and revenue for Q2 2025, despite achieving record assets under management, indicating challenges in profitability due to rising costs and fee pressures [1][7][8]. Financial Performance - GAAP revenue for Q2 2025 was $30.7 million, down 1.0% from $31.0 million in Q2 2024, and slightly below analyst expectations [1][12]. - Non-GAAP EPS was $0.25, missing estimates by 16.7% and down from $0.30 in Q2 2024 [1][2]. - Adjusted EBITDA fell to $5.7 million, a decrease of 20.6% year-over-year [2]. - Net income dropped to $3.1 million, down 28.4% from the previous year [2]. Assets Under Management - Assets under management reached a record $36.7 billion, up 9.9% from $33.4 billion a year earlier [1][5]. - Discretionary AUM increased by 9.7% year-over-year, while non-discretionary AUM rose by 10.2% [5]. Client Flows - Overall net client flows were negative at ($0.4) billion, although this was an improvement from ($0.9) billion in Q2 2024 [6]. - Gross client inflows were $0.9 billion, with outflows at $1.3 billion [6]. Expense Management - Total expenses increased by 3.7% year-over-year, driven by a 1.7% rise in compensation and benefits and an 8.8% increase in general and administrative expenses [8]. - Adjusted EBITDA margin fell to 18.7% from 23.3% year-over-year [8]. Investment Strategies - Proprietary equity strategies showed mixed results, with the Large Cap Value composite returning 10.1% compared to its benchmark's 13.7%, while the Global Value Opportunity composite outperformed its benchmark with a return of 19.5% [9]. Shareholder Returns - The company completed a $12.0 million share repurchase and announced a new $25.0 million buyback authorization [10]. - The quarterly dividend was raised by 5% to $0.21 per share [10][13]. Future Outlook - Management expressed optimism about long-term growth, highlighting a strong pipeline for global investment strategies and new client acquisitions [11]. - Elevated expenses are expected to persist through at least 2026, with anticipated improvements in margins as growth investments begin to yield results [11][12].

Company Overview - Silvercrest Asset Management Group Inc. is an independent, employee-owned registered investment adviser founded in April 2002, with offices in multiple locations including New York, Boston, and California [5] - As of March 31, 2025, the firm reported assets under management of $35.3 billion [5] Leadership Changes - Jeffrey C. Allen and Alexander I. Waldorf have been promoted to Co-Portfolio Managers for the U.S. Value Equity Team, working alongside Roger Vogel, who will transition to Senior Advisor in spring 2027 [1][2] - Roger Vogel emphasized the importance of building relationships with the new Co-Portfolio Managers, highlighting their instrumental roles in the team's investment success [2] Background of New Co-Portfolio Managers - Jeffrey C. Allen has extensive experience, previously serving as a Vice President at Credit Suisse Asset Management and has been with Silvercrest since its founding in 2002 [3] - Alexander I. Waldorf joined Silvercrest in 2013 from a multibillion-dollar hedge fund and has a strong background in various sectors, including industrial and technology [4]