Kestra Financial, Inc. announced the expansion of its network of companies and services through 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. Terms were not disclosed.
“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, 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, a release noted. The company has an office on Bellevue Parkway in north Wilmington.
Delaware is the home of a number of trust companies that typically have small staffs and use the state’s trust laws in providing options for wealthy clients.
Kestra Financial, Inc. supports more than 2,300 independent financial advisors in delivering securities and investment advisory services to their clients. The company is based in Austin, TX.
For more information about Kestra Financial, visit www.kestrafinancial.com.
