Edelman Financial Engines adds to Northern California presence with $490 million deal

Edelman Financial Engines has added $490 million and approximately 600 clients with the acquisition of Danville, California-based Herrmann & Cooke Wealth Management.

“Herrmann & Cooke has a strong focus on growth, and the firm’s priorities have long included developing its employees, expanding services, and attracting and retaining new clients, all of which align closely with the growth goals for our wealth planning business,” Suzanne van Staveren, executive vice president and chief financial officer at Edelman, said in a statement.

“This transaction also expands our strong presence in an attractive Northern California market and adds capacity to service the increased demand in that region,” she added.

Jason Van der Loo, Edelman’s executive vice president and head of wealth planning and marketing, said the acquisition furthers the effort to “deliver a modern suite of wealth planning capabilities and value to our clients.”

“As we continue to grow, we are focused on acquisition opportunities that align with our mission and purpose, and offer the right mix of clients, culture, and capabilities,” he added. “Herrmann & Cooke is a perfect fit in all three of these areas, and we look forward to welcoming their team and clients to our firm.”

This deal follows Edelman's August 2022 acquisition of Smart Investor and its 2021 purchase of Viridian Advisors.

Boston, Massachusetts-based Edelman Financial Engines has offices in more than 145 U.S. cities and works with more than 1.3 million clients to manage $241 billion.