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New Post: Waverly Advisors Adds $1.5B StrategIQ Financial Group - 
 Waverly Advisors, a Birmingham, Ala.-based RIA, announced on Wednesday that it has completed the acquisition of StrategIQ Financial Group’s investment advisory business. The acquisition increases Waverly’s assets under management by $1.5 billion.
 
 StrategIQ, headquartered in Merrillville, Ind., has offices in Northwest and Central Indiana, as well as the greater Chicago area, according to the announcement. The firm was founded in 1996 by CEO Chad Hassinger and three other advisor partners.
 
 “From the start, we set out to create a new kind of wealth management firm: an independent organization that delivers personalized and holistic financial planning and investment advice to help our clients achieve their financial goals, providing the freedom to live out their dreams and aspirations,” said Hassinger in released comments. “To help grow our organization, gain access to new markets, and expand on the wealth of services we provide, we wanted a partner that shares our values and we found that in Waverly.” 
 Now, StrategIQ will bring a team of more than 20 advisors, client service associates, investment analysts and operations staff to Wavverly Advisors. 
 Waverly said that this is its eleventh and largest acquisition since the firm initiated an M&A strategy in 2021. In December of that year, Waverly accepted an equity investment from Wealth Partnersr Capital Group and HGGC’s Aspire Holdings. 
 “When Waverly started exploring acquisitions, our vision was to do M&A differently,” said Josh Reidinger, CEO of Waverly, in released comments. “Waverly’s desire is to build a world-class, cohesive, and integrated firm, fully focused on its culture and its clients. The StrategIQ team aligns with that vision, and we are thrilled to have them join the Waverly family.” 
 Waverly now has $9.8 billion in total AUM.  #Waverly #Advisors #Adds #1.5B #StrategIQ #Financial #Grouphttps://lnkd.in/dVsJJUjm

Brand reputation is a greatly underestimated factor for a wealth management firm, in large part because it’s difficult to quantify in the same way as advisor headcount, asset levels, geographic footprints and profit margins. But major M&A deals and recruitments have come down to which brand is more highly regarded in the industry. The inverse is also true. If a firm tarnishes its brand reputation bad enough, that can scare off talent, clients and potential deal partners. Even private equity firms may think twice about injecting capital into an RIA or IBD that’s embroiled in a headline-grabbing scandal. Some issues, whether they are regulatory actions or civil lawsuits, may be too damning to risk being associated with. This is why it is so crucial to work with the right people, and to conduct thorough due diligence on them before getting involved. That guidance applies to firm leaders who are bringing people into their organizations, as well as to financial professionals who are considering doing business with those organizations. #wealthsolutionsreport #financialadvisors #wealthmanagement

In the ever-evolving wealth management industry, consolidation is a reality we can't ignore. I spoke with Josh Welsh at InvestmentNews about my experience of leaving a large RIA post-acquisition to start Sincerus Advisory and why for every acquisition, there are advisors ready to carve their own path. Proud to be part of this dynamic industry and to continue championing independence for advisors and clients alike. https://lnkd.in/ed9ysnF9 #WealthManagement #FinancialAdvisors #Independence #RIA #SincerusAdvisory #InvestmentNews

New Post: Waverly Advisors Adds Largest Firm, $1.5B StrategIQ Financial - Waverly Advisors, a Birmingham, Ala.-based registered investment advisor that entered the M&A market in 2021, has acquired StrategIQ Financial Group, a wealth management firm headquartered in Merrillville, Ind. This represents Waverly’s largest deal since beginning on its acquistion course, adding $1.5 billion in assets under management. The deal also gives Waverly new offices in Illinois and Indiana. Terms were not disclosed. Waverly has completed 11 acquisitions since taking equity investments from Wealth Partners Capital Group, a financial services holding company that invests in wealth management firms, and HGGC’s Aspire Holdings platform. The latest transaction brings its total AUM to $9.8 billion. "Waverly’s partnership with StrategIQ represents a substantial milestone for the firm as it approaches the $10 billion AUM threshold," said Mac Selverian, WPCG Principal, in a statement. "2023 has been a particularly successful year for Waverly, with seven acquisitions completed across seven states, and we start 2024 with this outstanding partnership." StrategIQ was founded in 1996 by CEO Chad Hassinger and three other advisors. The firm now has a team of more than 20 advisors, client service associates, investment analysts and operations team members. In addition to its Merrillville headquarters, it also has offices in the greater Chicago area, and Northwest and Central Indiana. Waverly was founded in 1999, and now encompasses 18 offices across the U.S., and over 130 professionals. #Waverly #Advisors #Adds #Largest #Firm #1.5B #StrategIQ #Financialhttps://lnkd.in/gVQ64GfB

As the RIA M&A landscape evolves, financial advisors considering buying or selling their advisory practices face new challenges and opportunities. From the importance of market conditions and valuations to culture fit, industry leaders shared 10 essential tips and strategies to help advisors navigate these complex transactions. #mergersandacquisitions #RIAs #successionplanning #growthstrategy https://lnkd.in/euFPUhNm

LPL Financial is testing how big an independent wealth management company can grow with a billion-dollar deal that’s likely to push its headcount of financial advisors above 25,000 next year. Here’s a look inside the firm’s megadeal to acquire Atria Wealth Solutions, with insights from Simon Hoyle of RIA Choice, Phil Kerkel of Capco, Jeff Schmitt of William Blair, Devin Ryan of JMP Securities, Rich Steinmeier of LPL and Douglas J. Ketterer of Atria Wealth Solutions. #mergersandacquisitions #growthstrategy #lpl

A standout trend that has emerged over the past year has been the growing number of large enterprises acquiring equity stakes – in some cases, a minority stake, in others a majority stake – in the RIAs and other independent wealth management businesses they’re also serving. Weighing in are Neil Turner, Co-CEO, NewEdge Advisors; Jeff Nash, CEO and Co-Founder, Bridgemark Strategies; Jesse Kurrasch, CFP®, RICP®, CFF®, Chief Operating Officer, The AmeriFlex Group®; and Lou Camacho, President, STRATOS Wealth Enterprises. https://lnkd.in/g-ti4bAX #FinancialAdvisors #WealthManagement #RIAs #WealthSolutionsReport

ACQUIRED: Corient, the U.S. wealth management arm of Canadian asset manager CI Financial, has acquired #Charlotte-based Byron Financial, LLC. which oversees nearly $1.1 billion in assets under management. The acquisition, finalized on July 31, is part of Corient's ongoing expansion efforts. CI Financial disclosed the purchase in its August 8 earnings report, which also revealed the company's record total assets of almost $500 billion in the second quarter. This figure represents an increase of $81 billion, or about 20%, compared to the same period last year. Nearly half of CI Financial's assets stem from its aggressive acquisition strategy in the U.S., where it has bought close to 40 registered investment advisors since 2019. Byron Financial, headquartered in Charlotte, N.C., is a private wealth management firm that provides comprehensive financial services to high-net-worth individuals. Of its total assets under management, approximately $13 million is managed on a discretionary basis.

“We are seeing more equity – and less cash – changing hands across the board.” Capital structure is such a critical consideration when balancing the allure of acquisitions with the desire to maintain robust cash flow. You just can’t do debt-only deals in the hopes of preventing dilution and expect to maintain balance.

New Post: Edelman Financial Engines Acquires $500M AUM Mass. Firm - 
 Edelman Financial Engines today announced the acquisition of PRW Wealth Management, a Quincy, Mass.-based registered investment advisor with more than $500 million in assets under management, according to a news release.
 
 This marks the fifth transaction by Edelman Financial Engines (EFE) over the past 13 months and continues the expansion of the firm’s wealth planning capabilities across key regions nationwide, the release said, adding that the firm expects increased activity in the coming quarters.
 
 PRW, co-founded by Rick Renwick and Bill Payne in 1989, provides a comprehensive range of wealth management capabilities, with a focus on strategic planning, investment management and the transfer of wealth, the release said. The firm has about 200 clients, including individuals, families, endowments and foundations, and business owners. 
 “Edelman Financial Engines has a tremendous reputation, and their continued recognition from industry peers is a testament to their excellence and leadership,” Payne said in a statement. “Their overall values, personalized and dedicated approach to wealth management and commitment to their clients closely aligns with how we’ve operated PRW for the last three decades.”Renwick added, “Joining Edelman Financial Engines provides us with a depth of additional resources and the ability to maintain the feeling of a multi-family office.” 
 Suzanne van Staveren, executive vice president, chief financial officer and chief operating officer of EFE, said they are thrilled to welcome the PRW team and their clients. “With this acquisition, we can better serve clients in the greater Boston area, as well as nationwide,” she said.
 Founded in 1986, Boston-based Edelman has more than $245 billion in assets from 1.3 million clients across 145 offices. The company is majority owned by private equity firm Hellman & Friedman. #Edelman #Financial #Engines #Acquires #500M #AUM #Mass #Firmhttps://dailylifefinance.com/edelman-financial-engines-acquires-500m-aum-mass-firm/