Kestra Financial, Inc. to Acquire Reliance Trust Company of DelawareAUSTIN, Texas--(BUSINESS WIRE)--Kestra Financial, Inc. today announced the expansion of its network of companies and services through its entry into an agreement to acquire Reliance Trust Company of Delaware from FIS. The deal is expected to close by the end of 2018, subject to regulatory approval.
Reliance Trust Company of Delaware expands Kestra Financial, Inc.’s depth as a premier financial services provider by empowering the company to provide personal trust services and an increasingly sophisticated value proposition to the advisors and clients they serve. Reliance Trust Company of Delaware will continue to work independently and is being acquired with the staff and assets to continue running as a standalone business, although it will benefit from the capital and technology innovation Kestra Financial, Inc. provides through its 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.
About Kestra Financial, Inc.
Kestra Financial, Inc. (Kestra Financial) provides a leading independent advisor platform that empowers sophisticated, independent financial professionals, including traditional and hybrid RIAs, to prosper, grow, and provide superior client service. With a culture rich in reinvention and advisor advocacy, Kestra Financial has developed integrated business management technology that, combined with its personalized consulting services, offers exceptional scale and efficiency.
Headquartered in the “Silicon Hills” of Austin, Texas, Kestra Financial offers an experience as unique as the city in which it operates. The firm supports more than 2,300 independent financial advisors in delivering comprehensive securities and investment advisory services to their clients. Kestra Financial is the parent company of Kestra Investment Services, LLC, member FINRA/SIPC, and also of Kestra Advisory Services, LLC; Kestra Private Wealth Services, LLC; Kestra Institutional Services, LLC; and H. Beck, all federally registered investment advisers.
About Reliance Trust Company of Delaware
The Reliance Trust Company of Delaware (“RTCDE”) is a Wilmington, DE based limited purpose trust company with more than $7 billion in assets under administration. RTCDE has more than 90 employees in seven locations and accepts appointments as Agent for Trustee/Guardian/Executor, Co-Trustee, Custodian, Discretionary Trustee, and Directed Trustee for all types of personal trust accounts. RTCDE works with financial advisors to offer trust services that preserve the advisor/client relationship, administering more than 5,000 trust accounts including Life Insurance Trusts and Special Needs Trusts.
Gregory FCA for Kestra Financial
Leah Katsanis, 610-228-2124