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  • Seller
  • Buyer
  • Type
  • Date Announced
  • Seller AUM
  • RAA Wealth Management, LLC (E*Trade Financial Corporation)
  • PHH Investments, Ltd
  • Wealth Management Firms
  • February 11, 2008
  • $900 Million

Seller Details

Retirement Advisors of America (RAA) is a registered investment advisor headquartered in Dallas, TX that focused solely on the financial needs of retired airline pilots and crewmembers.  Established in 1991 it has over $1 billion of client assets undermanagement. The E*TRADE FINANCIAL family of companies provides financial services including trading, investing, banking and lending for retail and institutional customers. Securities products and services are offered by E*TRADE Securities LLC (Member FINRA/SIPC). Bank and lending products and services are offered by E*TRADE Bank, a Federal savings bank, Member FDIC, or its subsidiaries.

Buyer Details

PHH Investments, Ltd. is a national, fee based Investment Advisor that is registered with the U.S. Securities Exchange Commission. Headquartered in Dallas/Fort Worth Texas, PHH also has an office in Palm Desert California, as well as a team of highly qualified and educated marketing representatives throughout the country. It is the oldest investment firm specifically focused on serving the retired airline market, and has a history that dates back more than 25 years. Currently, PHH manages more than $950 million dollars for over 800 families.

Transaction Summary

PH&H and RAA are the two leading investment advisors serving the airline pilot market and are both based within a few miles of each other in Dallas. Ron Simmons, the CEO of PH&H was formerly the CEO of RAA and this represents the aggregation of two highly successful firms in this sector that can more effectively serve the evolving pilot and broader wealth management market. Berkshire Capital advised on the transaction and on arranging the financing for PH&H with Asset Management Finance.
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