In its first major move for 2024, Edelman Financial Engines is expanding its presence in the Pacific Northwest and bolstering its network of financial planners.
The independent planning and workplace investment advisory firm announced Monday that it has acquired Soundmark Wealth Management, headquartered in Kirkland, Washington, which manages over $453 million in assets for more than 250 households.
Founded by Bill Schultheis, Soundmark caters to a unique cross-section of clients as it provides investment management and financial planning for medical and technology professionals, as well as small business owners.
“We are thrilled to welcome Soundmark to Edelman Financial Engines. Bill has built an excellent team, and we know they will be a great addition to our firm,” Edelman Financial Engines CEO Jay Shah said in a statement.
“We are united by a common goal to serve in the best interest of our clients and to reach more people with the holistic, wealth planning capabilities they need to achieve their financial goals,” Shah said.
“Bill and his team help us to broaden our capabilities and areas of expertise even further, which we know is increasingly important in creating a personalized financial planning experience,” said Suzanne van Staveren, Edelman Financial Engines’ executive vice president, chief financial officer, and chief operating officer.
Schultheis, who’s been in the industry for more than 20 years, expressed enthusiasm for joining Edelman Financial Engines, recognizing it as “a pioneer and perennial leader within the RIA industry.”
“[B]y partnering with Edelman Financial Engines our clients benefit from more resources and planning expertise while our planners will have more support and less administrative duties, allowing them to focus even more on our clients,” he said.
This transaction is Edelman Financial Engines' first acquisition of 2024, following previous deals that expanded the firm's presence in the Pacific Northwest, Northeast, Northern California, and the South.
These transactions have also enhanced the firm's expertise in tax and estate planning, as well as retirement plans for small businesses.
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