Charlotte-based wealth management firm Novare Capital Management has purchased another local investment firm, Staton Financial Advisors, in a move that expands its client base.
The combined firm will have assets under management of more than $1 billion and 360 clients, Novare Capital said in announcing the deal last week. Terms of the deal weren’t disclosed.
Founded in 1999 by Don Olmstead and Bill Baynard Jr., Novare Capital provides wealth management services such as investment management, cash flow planning and trust and estate review.
Bill Staton has been managing director and chief investment officer of his namesake Charlotte firm since its start in 2000. Staton and his wife and partner, Mary, began managing portfolios in 1997.
Never miss a local story.
“We have great respect for Bill Staton and his team,” Olmstead said. “We have known him for many years and believe this acquisition will allow us to offer top-notch investment management and wealth management services to their clients.”
Novare Capital said it will keep Staton Financial’s staff.
“I love what I do,” Bill Staton said, “and plan to continue offering our stock-picking system of investing for years to come.”