Carson Wealth says it's added a financial advice practice overseeing $150 million.

Financial advisor Chris Graw leads a five-person team, which will join forces with an established Carson Wealth office in Cedar Rapids, Iowa, according to a press release from the company.

That office, headed by Russ Nieland, now oversees approximately $650 million for families across the country, Carson Wealth says.

Graw and Nieland will keep active majority ownership of the Cedar Rapids firm and make all business decisions, per Carson’s model, the press release states.

Graw says the decision addresses succession planning concerns. “On my previous path I might have ended up deciding to sell the business," he said in the release. "Now, I see myself continuing to do what I love, and I will have the space to lead and grow the next generation of advisors to serve our clients well into the future.”

Carson Wealth didn’t disclose the financial terms of the deal.

Omaha, Neb.-based Carson Group, which includes Carson Wealth, Carson Partners and Carson Coaching, recently announced that it would cover all technology platform costs for its partner firms.

The Carson Group firms have been steadily adding advisors over the past year. Carson Wealth has added several firms with hundreds of millions of dollars in assets since the beginning of 2019, including, in February, a trio of advice practices in the Southeast representing $182 million in client money. Carson Partners added at least eight practices in 2019.

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