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.
Mayer Brown, GWG's law firm, agreed to pay $30 million to resolve conflict of interest claims.
Orion adds new model portfolios and SMAs under expanded JPMorgan tie-up, while eMoney boosts its planning software capabilities.
National survey of workers exposes widespread retirement planning challenges for Gen Z, Millennials, Gen X, and Boomers.
While the choice for advisors to "die at their desks" might been wise once upon a time, higher acquisition multiples and innovations in deal structures have created more immediate M&A opportunities.
A father-son pair has joined the firm's independent arm in Utah, while a quartet of planning advisors strengthen its employee channel in Louisiana.
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.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave