$1.7B Texas Corporate Retirement Team Joins Kestra Financial

Kestra Financial, an independent wealth management platform, has acquired $1.7 billion corporate financial planning firm Symonds Wealth Management. The firm was previously affiliated with Principal Securities.

Fort Worth, TX-based Symonds, led by Dax Symonds, manages large corporate retirement plans for large organizations and has five advisors and six operational employees on its team.

Citing cultural similarities, Symonds said, ““Because we’re entrepreneurial in nature, we sought a partner aligned with our cultural values and business aspirations that would dedicate resources to supporting us as our firm scales.”

Headquartered in Austin, TX, Kestra Financial, the brokerage division of parent company Kestra Holdings, manages $103 billion in assets under advisement and works with 1,700 financial professionals.

The Kestra Financial division includes Kestra Private Wealth Services, LLC, Kestra Advisory Services, LLC and Kestra Investment Services, LLC.

Kestra Holdings is backed by private equity firms Warburg Pincus and Oak Hill Capital.

Separately, LPL Financial announced this week the addition of an adviser team from Principal in Omaha, NE, with about $605 million in advisory, brokerage, and retirement plan assets.