Kestra Financial, Inc., a financial services firm based out of Austin, Texas, has announced its acquisition of Reliance Trust Company of Delaware in Wilmington. The deal is expected to close by the end of 2018, subject to regulatory approval.
The acquisition serves to expand Kestra Financial, Inc.’s depth of services and geographic reach.
Reliance Trust Company of Delaware will continue running as a standalone business, although it will benefit from Kestra Financial’s independent advisor platform.
“Baby boomers have become the wealthiest generation in history, ushering in a phenomenon known as ‘the great wealth transfer’ with a record-breaking $30 trillion to be passed from baby boomers to their heirs, the demand for trust services is only expected to grow in the years to come,” said James Poer, president and CEO of Kestra Financial, Inc.
“In light of these realities, the additional personal trust services delivered by Reliance Trust will complement our current network of companies, while expanding our depth as a premier financial services provider,” Poer noted.
Reliance Trust Company of Delaware’s platform, offices and personnel will remain fully intact at the close of the transaction and the company anticipates a seamless transition without impact to its clients or services.