Edelman purchases $500M Massachusetts RIA

Edelman Financial Engines, one of the largest registered investment advisory firms, has acquired PRW Wealth Management, an RIA that provides a range of wealth management services, both companies announced Thursday.

PRW, which is headquartered in Quincy, Massachusetts, manages more than $500 million in assets under management and serves 200 clients, from families to business owners.

Earlier this year, Edelman acquired Align Wealth Management. It also acquired Erman Retirement Advisory, Hermann & Cooke and Smart Investor late last year.

“Growth through acquisition remains a key area of focus for EFE, and the firm expects activity will increase in the coming quarters as it continues conversations with strong partners,” the companies wrote in a statement.

Dan Seivert, chief executive at Echelon Partners, who served as transaction advisor to PRW Wealth Management, said the acquisition will be “highly beneficial” for both firms.

“Joining Edelman Financial Engines provides us with a depth of additional resources and the ability to maintain the feeling of a multifamily office,” Rick Renwick, co-founder of PRW, said in the release. “We look forward to delivering cost-effective and tax-efficient customized portfolios built upon the investment philosophy of Nobel Prize winner and Edelman Financial Engines co-founder Dr. William F. Sharpe.”

Edelman Financial Engines oversees $245 billion in assets for $1.3 million customers.