Waverly Advisors, Merit Financial Advisors announce acquisitions

Two registered investment advisory firms announced acquisitions Tuesday, as consolidation in the wealth management industry continues at pace.

Waverly Advisors, LLC, a Birmingham, Alabama-based RIA managing approximately $35.6 billion in assets as of July 27, 2026, acquired InVista Advisors, a Montgomery, Alabama wealth management firm with approximately $332 million in assets under management.

The deal marks Waverly's 35th transaction since accepting a private equity investment from Wealth Partners Capital Group and HGGC's Aspire Holdings platform in December 2021 and gives the firm its fifth location in Alabama.

InVista Advisors was founded by Carl "Brandt" McDonald and Michael Barranco and serves individuals, families, and business owners in Montgomery. Austin Barranco also serves as a partner and financial advisor at the firm. All three will join Waverly as partners and wealth advisors following the close.

Justin Russell, president and CEO of Waverly Advisors in Birmingham, said the deal deepens the firm's existing Alabama footprint.

"This acquisition expands Waverly's presence in Alabama and strengthens the firm's ability to serve clients across the state, while bringing together two firms that share a deep commitment to people, planning and long-term growth," Russell said.

Waverly, which was founded in 1999 and now operates 53 offices across the US with nearly 500 professionals, has been one of the more active acquirers in the independent wealth management space.

Merit expands into Mid-Atlantic

Separately, Merit Financial Advisors, an Atlanta, Georgia-based national wealth management firm, completed its acquisition of Towson Wealth Management, LLC, a Towson, Maryland firm overseeing approximately $502.5 million in total assets including $297.5 million in assets under management and $205 million in assets under administration.

That transaction closed July 17, 2026. Merit manages approximately $26 billion in assets as of March 31, 2026, according to the firm, and operates more than 55 offices across the United States.

Kurt Wiegert, CEO of Towson Wealth Management in Towson, Maryland, built his firm almost entirely through referrals and client relationships, but said he had reached a decision point about how to grow without sacrificing the planning work central to his practice.

"We had reached a crossroads," Wiegert said. "I could spend more of my time building out the infrastructure necessary to scale the firm, or we could find the right partner with the technology, marketing, operational resources and leadership already in place."

Wiegert said his next-generation team including two advisors he hired directly out of college, was a significant factor in the decision. He involved them throughout the evaluation process. "I have always believed that talented people need to be able to see what is possible for them," he said.

David Wahlen, executive vice president of strategic partners at Merit Financial Advisors in Atlanta, said Towson's growth ambitions and referral-based client base made the firm an attractive addition. "Kurt has built an outstanding business, and what stood out to us was that he wasn't looking to slow down. He was looking for the right platform to accelerate growth," Wahlen said.

Towson Wealth Management has rebranded as Merit Financial Advisors. Financial terms of the deal were not disclosed. Merit is backed by Constellation Wealth Capital, an alternative asset management platform focused on the wealth management sector.