Mesirow, a Chicago-based and 100% employee-owned financial services firm overseeing more than $288 billion across three core business lines, has acquired Price Wealth Management, a $235 million advisory practice in Stuart, Fla.
Price Wealth Management was founded by CEO Craig Price and his father, Gary, who has since retired. It was most recently affiliated with Naples Wealth Planning and Imprint Wealth. Craig has become a Mesirow Wealth Advisor, and he’s joined by Nancy Zehr, senior client relationship specialist.
Several years ago, Price was involved in a legal battle with his former employer, UBS, which terminated him in 2016, claiming he had traded on nonpublic information. Price sued, claiming he was fired for speaking out about a trust account of an elderly client that was used by another broker and his girlfriend for personal expenses.
He also filed and won an arbitration claim against UBS for defamation after his firing, winning $650,000 in damages.
Price’s team will gain access to Mesirow’s investment research and will help grow their practice.
Mesirow aims to increase its headcount in the wealth management business over the next two to three years, with a focus on the West Coast of Florida. Longer-term, the firm hopes to expand across the Southeast region through lift-ins and acquisitions.
The firm has focused on full acquisitions, but Mesirow is open to making minority investments in firms that are cultural fits. Deals tend to be all cash, but each employee is given an opportunity to buy equity, and 100% of voting stock is owned by firm employees.
In March, Mesirow appointed Brian Price as CEO of the wealth management business. He had been serving as interim CEO of the division since November 2022.
The wealth business currently accounts for more than $11.4 billion in assets under management and advisement.
Founded by Norman Mesirow as a wealth management shop in 1937, Mesirow Financial Holdings now encompasses wealth management and global investment management businesses, as well as capital markets and investment banking. The firm has 17 offices in the continental U.S. and locations in Puerto Rico, London and Hong Kong.
