Consolidation among wealth managers serving high-net-worth and multigenerational families shows no sign of slowing. CW Advisors, a Boston-based registered investment adviser (RIA), has acquired three firms in a single announcement: Yosemite Capital Management, Threadgill Financial and Peddock Capital Advisors. Together, the transactions add $1.6 billion in assets under management.
The Peddock deal also included Peddock Tax Services, a full-service tax practice that gives clients access to additional tax resources.
Five new offices on both coasts
The acquisitions add five offices to the firm's national footprint, including its first Texas locations, in The Woodlands and League City. New offices in Newport Beach and Fresno, California, and Braintree, Massachusetts, strengthen its presence on both coasts. Following the deals, CW Advisors operates 30 offices nationwide and oversees more than $19.7 billion in assets under management.
Scott Dell'Orfano, chief executive of CW Advisors, said the three acquisitions reflect the firm's commitment to thoughtful growth in key wealth centres, bringing on talent that shares its focus on high-touch client service and expanding the services it offers clients.
Why the sellers joined
Paul Heckler, managing director of Yosemite, said joining CW Advisors gives his team access to expanded technology and tools, allowing them to spend more time working directly with clients and to offer a broader range of services. Peter Simmons, chief executive of Peddock, said the opportunity to join a local firm appealed to his team, along with the added support and access to the CW Advisors platform.
Gladstone Associates represented Peddock in the transaction, while Boardwalk Financial Partners facilitated the Yosemite and Threadgill deals. Shad Besikof, founder and chief executive of Boardwalk Financial Partners, said that among the many strategic acquirers he has introduced sell-side RIA clients to, CW Advisors consistently stands out for its cultural fit and business alignment, and that it allows sellers' local entrepreneurial spirit to endure after a transaction.
CW Advisors is a subsidiary of Osaic Holdings and provides financial planning, investment consulting and management, as well as specialised family office services for ultra-high-net-worth and multigenerational families. Osaic, a portfolio company of Reverence Capital Partners, supports around 10,000 financial professionals.
For families weighing their advisory relationships, the deals are another sign that tax capability, technology and national scale are increasingly being bundled into a single wealth platform.
Source: CW Advisors via Business Wire.
This post originally appeared here.
