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.
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.
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 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.
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 packages multiple planning and advisory lines under a fee-only RIA model:
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.
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:
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:
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.
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:
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.
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.
Hover or tapBuilding 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.
The RIA firm's latest partnership extends its reach to 12 states while boosting its assets to $15.9 billion.
The RIA aggregator's second transaction in the state in as many months adds 38 professionals to its high-net-worth planning roster.
Devoe's latest tracking of deal activity for the month shows 39 record-breaking transactions, including four-fifths that featured private equity.
The PE-backed RIA's second location in the state bolsters its $14.4B AUM enterprise with a HNW tax and retirement planning practice.
The RIA's latest acquisition adds three office-based locations and boosts it past the $14B AUM mark.
Fidelity's latest industry report shows deal pace slowing to healthier levels, with private equity continuing to play a significant role.
The deal gives the growth-focused RIA’s 20th location in the US, and its 14th transaction since receiving a significant equity investment.
The fee-only RIA builds on its acquisition streak so far this year with its first foothold in Charlotte, North Carolina.
From career development incentives to reward programs, this year’s winners are keeping employees satisfied.
InvestmentNews celebrates the best fee-only RIAs from the four regions across the US. The 100 winners are thriving in their respective areas by ensuring their clients experience exemplary service. Through a combination of expertise, personalized attention, and a client-first mentality, they have established themselves as trusted partners in guiding individuals and families toward financial success.
