U.S. Capital Advisors and Legacy One Financial Advisors Merge Forces to Create One of the Largest Independent Wealth RIAs in Texas, Focused on Empowering Others
May 13, 2021 01:03 PM Eastern Daylight Time
HOUSTON--(BUSINESS WIRE)--U.S. Capital Advisors, LLC (“USCA”), an independent financial services firm headquartered in Houston, announced today that it will be merging its fee-based advisory wealth management business with Legacy One Financial Advisors, LLC (“Legacy One”), a fee-based advisory firm headquartered in Austin, Texas.
Legacy One and USCA’s wealth management advisory subsidiary, USCA RIA, LLC, will align to become U.S. Capital Wealth Advisors, LLC (“USCWA”). Together with their affiliated brokerage division and other related entities, they will manage almost $9 billion in assets, of which $5.6 billion is attributed to the RIA unit, making it one of the largest independent RIAs in Texas. USCWA will maintain offices across the state in Houston, Austin, Dallas and Georgetown, as well as in New York.
USCA and Legacy One were introduced by Legacy One’s long-term partner, Merchant Investment Management (“Merchant”). The Merchant team has been instrumental in the development of Legacy One to date, including supporting this transaction. The alignment pairs USCA’s talented advisory team and track record of growth with Legacy One’s entrepreneurial partnership team, including entrepreneur and philanthropist John Paul DeJoria and family, Merchant and members of the Legacy One management team. The team is philosophically aligned in its client-centric values and vision to empower others to realize long-term value.
To demonstrate a commitment to empowering others, DeJoria has pledged to donate the initial profits earned from his investment in USCWA to his lifelong mission of combating homelessness. The DeJoria family's JP's Peace, Love & Happiness Foundation will make an advance donation of $2 million from the proceeds expected to be generated by USCWA to the endowment they recently established in March at Dell Medical School at the University of Texas. The endowment supports the continuation of Dell's street medicine programs, as well as research initiatives and training for the next generation of doctors to serve vulnerable populations, including people experiencing homelessness or housing insecurity.
“My motto in life is that ‘Success Unshared Is Failure,’ which aligns with USCWA’s collaborative vision to empower others to realize long-term value,” said DeJoria. “Through the collective work of all those involved with USCWA, I am going to empower individuals experiencing homelessness with actionable solutions for long-term positive change. Social responsibility and sustainability have always been core values of the companies and charities that I have been a part of. I expect USCWA will demonstrate these core values through the services they provide.”
“Timing is important, but people are everything, and that’s absolutely the case in the coming together of all those involved here to create a collective enterprise of even greater durability, capability and service,” added Tim Bello, managing partner of Merchant. “The individuals involved represent an extraordinary combination — Merchant is truly honored and proud of what has been and will be built from here.”
“We are excited about the opportunity to work with our tremendous new partners to significantly expand the fee-based advisory business, including outside of our core Texas market,” said Patrick Mendenhall, co-founder and managing partner of U.S. Capital Advisors. “This partnership allows us to combine our world-class financial advisors, and the exceptional client experience they deliver, with the proven entrepreneurial leadership, strategic guidance and resources of the DeJoria family, Merchant and Legacy One.”
USCA will continue to operate its wealth management brokerage, institutional research, sales and trading, investment and merchant banking, and municipal advisory businesses while also providing brokerage and alternative investment services to USCWA.
About U.S. Capital Wealth Advisors, LLC
Based in Houston, Texas, with additional offices in Austin, Dallas, Georgetown and New York City, U.S. Capital Wealth Advisors is the new, fee-based, wealth management advisory platform launched in May 2021 through the strategic combination of the advisory businesses of U.S. Capital Advisors and Legacy One. USCWA’s mission is to combine the deep experience and expertise of its financial advisor teams with the significant breadth and depth of its investment strategies and solutions to deliver an exceptional client experience. With an anticipated $5.6 billion in assets under management (AUM) at the close of this transaction, USCWA will rank as one of the largest independent wealth RIAs in the state of Texas. For additional information, please visit: www.uscwaalignment.com.
About U.S. Capital Advisors, LLC
Based in Houston, Texas, with additional offices in Austin and Dallas, U.S. Capital Advisors was founded in 2010 as an integrated financial services boutique with primary business lines in wealth management and capital markets. After the close of the transaction with Legacy One, U.S. Capital Advisors will continue to advise corporate, institutional and municipal clients. USCA’s brokerage division, USCA Securities, LLC, will continue to provide wealth management brokerage services to joint clients of USCWA. For additional information, please visit: www.uscallc.com.
About Legacy One Financial Advisors, LLC
Based in Austin, Texas, with additional offices in Georgetown and New York City, Legacy One Financial Advisors is a fee-based RIA that provides sophisticated, holistic and objective wealth management solutions to its clients. These solutions include access to investment solutions and the latest technology offering ready insights into investment performance. For more information, please visit: www.legacy1fa.com.
About JP’s Peace, Love & Happiness Foundation
Based in Austin, Texas, the foundation has global reach through partners located around the world. John Paul DeJoria signed the Giving Pledge in 2011 as a formal promise to continue giving back. That same year, he founded JP’s Peace, Love & Happiness Foundation with his family to invest in charities that share the core values of his companies — social responsibility and sustainability. The investments of the foundation are driven by the unique interests and personal relationships of the DeJoria family. Together, the DeJorias are committed to contributing to a sustainable planet through investing in people, protecting animals and conserving the environment. For additional information, please visit: www.peacelovehappinessfoundation.org.
About Merchant Investment Management, LLC
Based in New York City, Merchant is a private partnership providing growth capital, management resources, strategic opportunities and direction to independent financial services companies, particularly those focused on wealth and asset management. For additional information, please visit: www.merchantim.com.