Last updated on July 2nd, 2019 at 09:19 am
Milwaukee-based wealth management firm Park Place Capital Management Inc. has been acquired by Deerfield, Illinois-based Strategic Wealth Partners Group LLC. The transaction closed Jan. 1 for an undisclosed price.
All seven employees of Park Place will continue to work for the company, out of a larger office in the same building at 11270 W. Park Place in Milwaukee.
“We actually moved to a larger office suite to accommodate growth,” said William Perry, president and principal of Park Place. “We picked up about 30 percent more space.”
Perry, 69, sold the business. He said he made the decision to sell to assure continuity of service to clients as part of his succession planning.
“We made a commitment to our clients, many of which are personal friends, that we had to do something to create a bigger base, more support, more…bench strength,” he said. “We looked at the Milwaukee marketplace, we looked regionally, and truly SWP…was the clear choice.”
But Perry has no plans to retire, and will continue as a senior wealth advisor at SWP.
“Functionally, nothing changes,” he said. “I continue to serve as a lead advisor to those clients that I previously served as a lead advisor.”
Strategic Wealth Partners now has about 39 employees. With the larger Milwaukee office space, the company plans to hire additional employees in the market in 2018, Perry said.
“Strategic Wealth Partners is a firm that has built an excellent reputation for integrity, objectivity, hands-on service and reliability,” he said. “Our cultures are very similar. Bringing these two teams together is an excellent fit and will be a great benefit for clients.”
“We are very excited to welcome the Park Place Capital Management team into the Strategic Wealth Partners family,” said Neal Price, principal and co-founder of Strategic Wealth Partners. “As we continue to implement our growth strategy, we look forward to working with the Park Place team to deliver to clients the high level of service and expertise they have come to expect.”