A wealth management firm built through four decades of family-run advisory work and a Massachusetts practice known for its client-first ethos have joined a three-way combination announced this week.
Coastal Bridge Advisors said Wednesday that its merger with Waddell & Associates and One Charles Private Wealth has officially closed, creating a single RIA with more than $10 billion in assets under management as of June 30.
The newly combined business will operate under the Coastal Bridge Advisors banner and will count roughly 20 partners among its 52 professionals, spread across seven offices in Hingham, Massachusetts; Milford and Westport, Connecticut; Charlotte, North Carolina; Memphis and Nashville, Tennessee; Fort Lauderdale, Florida; and Los Angeles.
The deal reshapes the firm's leadership bench as David Waddell, who previously ran Waddell & Associates as chief executive and chief investment strategist, steps into the newly created role of chairman and chief investment strategist at Coastal Bridge.
He joins existing leaders Kevin G. Burns, the firm's founder and now co-chairman, along with chief executive Jim Betzig, president Mark Dupont and chief revenue officer Bill Loftus.
"It's an exciting time in the evolution of Coastal Bridge Advisors," said Burns. "I am honored to welcome David as CBA's new chairman and chief investment strategist. His market acumen and the incredible culture he and his firm have built over four decades are a perfect complement to ours. Together with Paul Squarcia, Erik Wallin and their team from One Charles Private Wealth, we are stronger on many levels. The entire firm focuses every day on building our clients' proud legacies for generations of families to come. This combination affirms that commitment."
For his part, Waddell said the decision to join forces was never driven by a desire to simply get bigger.
"This is about getting better for our clients," said Waddell. "We were never interested in growth for its own sake. What makes this opportunity different is that it allows us to preserve the values and personal service our clients expect, while adding broader planning intelligence, deeper investment capabilities and enhanced technology needed to serve them even more powerfully in the years ahead."
Dupont pointed to the difficulty of finding this level of combined expertise in today's advisory market.
"In our business, scale certainly matters," said Dupont. "This combination brings together partners and team members whose wealth management experience and ability are incredibly difficult to assemble in today's marketplace."
Several executives from the merging firms are stepping into senior posts at the combined business. Paul Squarcia and Erik Wallin, who co-founded One Charles Private Wealth, take on managing partner roles overseeing the firm's Florida and Massachusetts offices respectively.
Perry Green, who served as chief financial officer at Waddell & Associates, becomes chief planning officer for the merged firm. Sean Gould, formerly a partner at Waddell & Associates, will serve as managing partner for the Tennessee region.
Betzig said the appointments reflect the strength each firm brought to the table.
"We're proud to announce that Paul and Erik, founding partners of One Charles Private Wealth, have joined CBA as managing partner of our Florida office and managing partner of our Massachusetts office, respectively," said Betzig. "Perry Green (former chief financial officer of W&A) joins as CBA's chief planning officer, and Sean Gould (former W&A partner) joins as managing partner in the Tennessee region."
The merger brings an end to two names with deep roots in their respective markets. Waddell & Associates had operated under that name for 40 years, built on family history, while One Charles Private Wealth had spent more than a decade cultivating a reputation in Massachusetts around what it called a "circle of care" approach to client service.
Squarcia said folding both firms into the Coastal Bridge identity was designed to honor that legacy rather than erase it.
"Moving forward collectively under the Coastal Bridge Advisors banner reflects a vision for a bold, shared future while reflecting our commitment to preserving the culture, care and client relationships that have long defined all three of our firms," said Squarcia.
Coastal Bridge Advisors traces its origins to 2008 and operates as an independent, registered investment advisory firm. The company remains a network firm within Focus Financial Partners, the wealth management, family office and business management platform. Waddell & Associates and One Charles Private Wealth were also Focus network firms before the merger.
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