Aspiriant takes over second California RIA in 90 days

The $9B firm is looking to spread its wings even further in Los Angeles, a city its CEO, Rob Francais, says has relatively few independent advisers given its size.
JAN 27, 2016
Los Angeles-based RIA Aspiriant is taking over another local registered investment adviser with about $360 million in assets under management, its second deal since it swallowed Deloitte Investment Advisors, part of accounting firm Deloitte, in 2010. Under the terms of the deal, Michael Glowacki, principal of The Glowacki Group, will receive ownership shares in Aspiriant in exchange for the firm's assets. The value of those shares were not disclosed. Aspirant took over a San Diego firm with $570 million in AUM and 12 employees at the end of last year. That deal made the five principals of that practice, Hokanson Associates, partners in Aspiriant. It was the first merger Aspiriant completed after taking years to integrate the assets of Deloitte, and upgrading its systems and processes to prepare for growth. Aspiriant has more than $9 billion in AUM and 1,300 clients, and wants to boost its presence in the nation's second most populous city after New York. Rob Francais, Aspiriant's chief executive, said Los Angeles has relatively few independent financial advisers, given its size. About 13 million people live in the Los Angeles metro area. “For as large a high-net-worth opportunity there is in L.A., there aren't a lot of RIAs,” Mr. Francais said. “It's a market with many single family offices and business managers who take care of clients' financial affairs and hook them up with a wirehouse adviser for investing.” Following the most recent transaction, Aspiriant will have 52 principals. (More: Aspiriant's CEO gives others the space to make mistakes) Mr. Glowacki, 59, is a certified public accountant and started his firm in 1998. It now provides professional coaching and counsel in addition to wealth management services, an expertise Mr. Francais plans to tap for some existing clients of the firm. Apiriant's other California offices are in San Francisco, San Diego and Irvine, and it has locations in New York, Boston, Minneapolis, Milwaukee and Cincinnati.

Latest News

Married retirees could be in for an $18,100 Social Security cut by 2032, CRFB says
Married retirees could be in for an $18,100 Social Security cut by 2032, CRFB says

A new analysis finds long-running fiscal woes coupled with impacts from the One Big Beautiful Bill Act stand to erode the major pillar for retirement income planning.

SEC bars New Jersey advisor after $9.9M fraud against Gold Star families
SEC bars New Jersey advisor after $9.9M fraud against Gold Star families

Caz Craffy, whom the Department of Justice hit with a 12-year prison term last year for defrauding grieving military families, has been officially exiled from the securities agency.

Navigating the great wealth transfer: Are advisors ready for both waves?
Navigating the great wealth transfer: Are advisors ready for both waves?

After years or decades spent building deep relationships with clients, experienced advisors' attention and intention must turn toward their spouses, children, and future generations.

UBS Financial loses another investor lawsuit involving Tesla stock
UBS Financial loses another investor lawsuit involving Tesla stock

The customer’s UBS financial advisor allegedly mishandled an options strategy called a collar, according to the client’s attorney.

Trump's one big beautiful bill reshapes charitable giving for donors and advisors
Trump's one big beautiful bill reshapes charitable giving for donors and advisors

An expansion to a 2017 TCJA provision, a permanent increase to the standard deduction, and additional incentives for non-itemizers add new twists to the donate-or-wait decision.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.