Edelman Financial Engines has completed its first acquisition of the year, adding Michigan-based Cahill Wealth Management to expand its reach in the Midwest.
The acquisition, announced Monday morning, sharpens Edelman's focus on executives in the pharmaceutical and life sciences sectors while bringing $426 million in client assets under the firm’s management.
Cahill Wealth Management, based in Kalamazoo, serves 125 clients and will be fully integrated into the Edelman brand, the firm said.
Cahill’s focus on executives in life sciences aligns with Edelman’s workplace services strategy, which offers retirement and financial planning services through employer partnerships. The move is part of a broader effort by Edelman to identify advisory teams with specialized expertise and integrate them to support clients with evolving needs.
“Investor needs are changing rapidly, and EFE continues to elevate our offering and help clients in new ways by adding talented RIAs to our team,” Jay Shah, chief executive at Edelman Financial Engines, said Monday.
Cahill provides guidance across financial planning, employee benefits, and tax strategies, with a niche emphasis on professionals in the pharmaceutical and life sciences fields. Edelman said it sees potential to scale this specialty across a broader client base.
“As we extend our reach throughout the country, particularly in the Midwest, we seek partners who prioritize client service and align with our fundamental principles,” said Suzanne van Staveren, executive vice president, chief financial officer and chief operating officer at Edelman Financial Engines.
“Cahill’s industry specialization complements EFE’s workplace business, as their expertise serving executives in the life sciences space will be additive to these relationships,” the firm stated.
While 2023 and 2024 were busy years for dealmakers in the M&A space, including a record-breaking 272 transactions logged in Echelon Partners' 2024 RIA M&A deal report, Edelman appeared to be very selective with just a handful of acquisitions under its belt.
Edelman's 2023 deal calendar took a late fourth-quarter start with its October acquisition of Align Wealth Management, a $425 million RIA with offices in Oklahoma City and St. Petersburg, Florida. In November, it added PRW Wealth Management, a Quincy, Massachusetts-based firm overseeing over $500 million in client assets.
One month later, the firm snapped up New England Pension Plan Systems and its affiliate, expanding its small business retirement consulting capabilities in the Northeast to the tune of $1.5 billion in assets and over 500 clients added.
Last year, Edelman inked just one deal in May with Soundmark Wealth Management of Kirkland, Washington, a $453 million RIA known for serving medical professionals, tech workers, and small business owners.
Insiders say the Wall Street giant is looking to let clients count certain crypto holdings as collateral or, in some cases, assets in their overall net worth.
The two wealth tech firms are bolstering their leadership as they take differing paths towards growth and improved advisor services.
“We think this happened because of Anderson’s age and that he was possibly leaving,” said the advisor’s attorney.
The newly appointed leader will be responsible for overseeing fiduciary governance, regulatory compliance, and risk management at Cetera's trust services company.
Certain foreign banking agreements could force borrowers to absorb Section 899's potential impact, putting some lending relationships at risk.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
From direct lending to asset-based finance to commercial real estate debt.
