Financial services group acquired by United Capital
Updated 3:04 pm, Tuesday, September 20, 2016
WESTPORT — In order to expand its reach, a Westport-based private client group has joined a California financial services company.
On Sept. 8, United Capital Financial Advisers, a financial life management firm headquartered in Newport Beach, Calif., acquired Westport Resources Management, with assets of around $373 million.
Now called Westport Resources, the wealth management company’s founder, John Vaccaro, who will be a managing director for United Capital, said the marriage was the result of a long and deliberate search.
“It was an 18-month process, and I reached out to a number of potential partners who I thought might be a good fit. At the end of the day, the real decision came down to a cultural fit and we share a lot with United Capital,” Vaccaro said. “I had the opportunity to speak with a number of the managing directors of the (United Capital) offices, and I felt I was speaking to myself when I talked to them.”
Vaccaro founded Westport Resources Management in 1986. Before that, he worked as the founding administrator of New York City’s 42nd Street Theater Row in an effort to recharge Manhattan’s theater district.
In his 30 years at Westport Resources, Vaccaro’s company has served over 220 families, towns and nonprofit organizations.
Vaccaro said he eventually got to the point where he felt he needed to add another element to help grow his firm’s abilities, and saw his vision embodied in United Capital.
United Capital has about $16.8 billion in assets and has 80 offices across the country.
“We look forward passionately to moving into the future as a division of United Capital,” Vaccaro said.