Drive Wealth acquires Magellan

Drive Wealth Advisers, a Lehi-based investment advisory firm with over $800 million in assets under management, has announced the acquisition of Magellan Capital LLC, an advisory firm founded by Daniel Reid and Jeff Ingersoll in 2018. Magellan is also located in Lehi.

“At Drive Wealth, we believe the bedrock of a prestigious wealth advisory firm is laid in its people’s undying commitment and desire to better the lives of the families they serve,” said Lowell Crabb, a principal at Drive Wealth Advisors. “Our decision to acquire and align with Magellan Capital was entirely motivated by our eagerness to bolster the team with individuals who possess this same commitment and desire. I’m honored to link arms with them as we continue to build Utah’s preeminent independent firm.”

“Coming on the heels of Drive Wealth Advisors’ 2020 Fastest-Growing Investment Advisory Firm award from CityWire RIA magazine, this merger solidifies its position in Utah’s financial sector, and serves to strengthen Utah’s financial marketplace as the nation’s top-ranked economy continues to drive new business and talent to the state,” a company statement said.

Drive Wealth Advisers specializes in providing fiduciary guidance to business founders, executives and high-net-worth families.