Waverly Advisors

Office address: 600 University Park Place, Suite 501, Birmingham, AL 35209
Website: waverly-advisors.com
Year established: 1999
Company type: financial services
Employees: 400+
Expertise: wealth management, investment management, financial planning, tax planning, estate planning, corporate retirement plans, family office services, trust services, institutional consulting, women’s financial planning
Parent company: WAAM Parent, LLC (principal owner)
Key people: Justin Russell (CEO), Justin Snell (COO), Clay McDaniel (chief investment officer), John Cox (chief economist), Daniele Donahoe (chief equity strategist), Wayne LeSage (chief growth officer), Markus Sleuwen (chief compliance officer)
Financing status: private equity-backed

Waverly Advisors is a fee-only registered investment advisor (RIA) headquartered in Birmingham. The firm aims to act as a strict fiduciary while building integrated wealth management strategies. With over 400 team members, it managed more than $30 billion in assets across 47 offices as of January 30, 2026.

History of Waverly Advisors

Waverly, formerly Warren Averett Asset Management (WAAM), was founded in 1999 in Birmingham. The company built its early work around fee-only advice and a fiduciary standard for client decisions.

The firm focused on investment management and financial planning, then added services like trusts and retirement plans. It then registered with the SEC in 2001 to operate as a federally registered advisor.

Outside capital and a new name

The company took outside equity in 2021 from Wealth Partners Capital Group and HGGC’s Aspire platform. That backing gave it more capital for acquisitions, while keeping the fee-only RIA model.

The firm rebranded as Waverly Advisors in October 2022 to support a growing national network. It then used deals to add more teams, offices, and new planning capabilities in more states.

Waverly Advisors’ recognition and growth

Waverly ranked 10th on the Top 25 Fee-Only Firms in the South list in 2023. InvestmentNews uses this Top Regional Fee-Only RIAs award to recognize 100 RIAs across four US regions.

The placement gave the company a clear proof point while it pursued new partners. It also kept building scale, with acquisitions that broadened tax, estate, and planning support.

Alternatives and family office expansion

Waverly Advisors bought select business lines from Promus Holdings, a Chicago-based firm, in 2025. The deal added about $3 billion in assets and strengthened private equity depth. The company said the transaction lifted AUM to about $29 billion and expanded family office work.

Waverly Advisors products and services

Waverly packages multiple planning and advisory lines under a fee-only RIA model:

Private client services

• private client services: financial planning with tax and estate support
• portfolio construction: equity, fixed income, and alternatives portfolios
• wealth management dashboard: client dashboard with quarterly performance reporting
• in-house investment committee: investment research and decision-making oversight

Family office

• family office services: investment, tax, estate, and admin coordination
• philanthropy planning: charitable planning tied to legacy goals

Trust services

• trust services: trust administration with fiduciary reporting support
• tax administration and compliance: fiduciary tax reporting and K-1 coordination
• special asset administration: oversight for businesses and real estate
• estate settlement: probate support through final distribution
• charitable giving: trust-led charitable structuring support

Institutional consulting

• institutional consulting: investment policy review and spending analysis
• portfolio management: discretionary and non-discretionary management options
• manager due diligence: manager searches with ongoing review
• performance reporting: reporting for oversight and review

Corporate retirement plans

• retirement plan advisory services: investment selection with monitoring and reviews
• 401(k) complete: ERISA 3(38) investment fiduciary option
• plan administration support: compliance testing and Form 5500 support
• participant education: employee education and annual plan reviews

Related offerings

• Waverly Business Services (affiliate): tax planning and accounting support offered alongside Waverly Advisors’ RIA services

The company also stresses salaried advisors and no proprietary product quotas. It supports plan sponsors with two service models, including an ERISA 3(38) option.

Culture and corporate values

Waverly says “Serve” guides daily work as a fee-only fiduciary. This aspect of their culture is rooted in a client-centric and community-focused approach. It means they seek to operate as a supportive team to provide comprehensive financial planning with integrity.

Below are values that Waverly Advisors practices:

1. integrity
2. family
3. grace
4. team
5. drive
6. empathy
7. community

Waverly Advisors says it does not consider protected characteristics when evaluating applicants, consistent with its equal employment statement. Job postings also outline benefits and time off policies:

• health coverage: health, dental, and vision options
• 401(k): match and profit sharing
• paid holidays: 12 paid holidays each year
• paid time off: responsible time off policy, no annual PTO limits
• birthday week day off: extra vacation day during birthday week
• paid sabbatical: four weeks after seven years of service
• pay approach: compensation tied to experience

The firm also says its internship program places interns on special projects across financial planning, operations, and investment teams. Its program supports education by building base knowledge for a wealth management career.

About CEO Justin Russell and key people

Justin T. Russell, CIMA is a partner and serves as president and CEO of Waverly Advisors. Russell joined the firm in 2006 and focuses on building teams and supporting the business. He brings 20-plus years of investment experience and holds a BS in finance and economics from Auburn University.

Below are Waverly Advisors leaders that work alongside Russell and lead key parts of the business:

• Justin Snell, CPA is partner and COO
• Clay McDaniel, CFA is partner and CIO
• John B. Cox, CFA, CAIA is partner, chief economist, and wealth advisor
• Daniele Donahoe, CFA is partner and chief equity strategist
• Wayne LeSage, CFP, CFA is partner and chief growth officer
• Markus R.F. Sleuwen, JD, IACCP is partner and chief compliance officer

Waverly Advisors presents this team as the group that guides operations, investment strategy, growth, and compliance. Their roles support Waverly’s core work across investment management and integrated planning services.

The future at Waverly Advisors

Waverly Advisors was ranked 20th by InvestmentNews in the 2024 Best Places to Work for Financial Advisors in the USA award, large employer category. The firm earned the ranking through an employer form and a company-wide employee survey. That recognition can support hiring and retention, which helps keep client teams consistent as it grows.

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Large Employer Category (50 or More US Employees) Ranked 20th • 2024 ​ Waverly Advisors InvestmentNews Best Places to Work for Financial Advisors in the USA

Building on that workplace recognition, Waverly Advisors acquired Pure Portfolios, a Lake Oswego advisory firm. Waverly added about $437 million in AUM as of December 31, 2025 and brought Pure’s full team on board.

The deal expanded the company’s reach in Oregon. It also became Waverly’s 30th acquisition since 2021, adding tax and estate depth for clients as AUM reached $30.6 billion.

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