EP Wealth Advisors, a fee-only financial advisory firm based in Torrance, Calif., with $2 billion in assets under management, has merged with Ballou Plum Wealth Advisors, a San Francisco-based firm with $300 million in AUM.
The merger announced Wednesday is part of a five-year plan for EP Wealth Advisors, which has offices in San Francisco, West Los Angeles, Irvine, Calif. and Denver, to expand its business.
The merged company also puts a greater spotlight on financial planning for women. Ballou Plum co-founders Lynn Ballou and Marilyn Plum, both of whom are certified financial planners, started the firm in 1998 and work with high-net-worth clients, with a particular focus on women clients.
“Ballou Plum Wealth Advisors are more than a good partner, they are at the forefront in the shift in financial services and they help us meet the market's demand for more female advisers, which is part of a culture shift in financial services,” Patrick Goshtigian, president of EP Wealth Advisors, said in a press release.
For Ballou Plum, the move meant a good succession plan for the firm and its clients.
“Even though Lynn and Marilyn plan to work for many years to come, EP Wealth Advisors shares a similar client-centric approach and it comes with a built-in, long-term succession plan, so the firm will continue to serve clients in the same quality way,” David Selig, chief executive and founder of Advice Dynamics Partners, a mergers and acquisitions consulting firm, said in a statement.