Lawing Financial Inc. CEO and founder Kerry Lawing, along with minority investors, have sold the company's assets to an employee group, Kansas City Business Journal reported June 28.

Terms of the transaction were not disclosed.

The employee group will reorganize the business and launch a new firm named Prime Capital Investment Advisors, which will provide fee-based wealth management, according to the report. The new firm will also have a qualified plan advisers division, which will offer benefits in the qualified retirement plan market.

Lawing Financial senior managers Scott Colangelo, who will be the CEO of the new company, and Tim Hakes, who will be president, are the majority owners. Meanwhile, wealth advisers Joe Hildebrand and Joe Zdeb are the minority owners.

According to the report, Lawing did not sell the company's life insurance division and will spin it off into a stand-alone entity called Prevail.