PCIA Is Betting on Reno RIA Cornerstone, Adding $400M in Assets

Prime Capital Investment Advisors (PCIA), a provider of financial planning services including asset management and wealth management, has established its first location in Nevada with the acquisition of Reno-based registered investment advisor Cornerstone Comprehensive Wealth Management.

The deal involved a combination of cash and equity – specific amounts were not disclosed – and added $400 million in assets under PCIA management.

“I’m excited to expand into Nevada and welcome the team at Cornerstone to the PCIA family,” said Glenn Spencer, CEO of PCIA.

Led by president and financial advisor Christopher Abts, Cornerstone has 10 employees, including four advisors who will continue to serve approximately 575 households in partnership with PCIA.

Overland Park, KS-based PCIA manages about $16.7 billion in assets. The company acquired the $1.75 billion remote-centric RIA Liberty Wealth in late December and opened this year with two acquisitions, including Pasadena, CA-based RIA Stonnington Group and Earth Equity Advisors in January.

Park Sutton Advisors, A Waller Helms Company, served as the exclusive financial advisor to Cornerstone on the transaction.