Fiducient Advisors to acquire Portland-based Sellwood Investment Partners

Fiducient Advisors, a business unit of Wealthspire, has struck a deal to acquire Sellwood Investment Partners, a Portland, Oregon-based RIA managing $11 billion in total assets.

Sellwood, founded in 2012, serves a mix of institutional and private clients – including endowments, foundations, 529 and 529A plans, retirement plans, and high-net-worth individuals. The firm's model centers on customized portfolios and what it describes as a disciplined approach to risk and portfolio construction.

Under the deal, Sellwood's team will remain in place and continue serving clients from its existing Portland office.

Wealthspire's chief revenue officer and president of Wealthspire Institutional, Mike Goss, said in a statement Wednesday that Sellwood's approach "aligns seamlessly" with the platform and "adds further depth to the capabilities we offer clients."

"Their approach aligns seamlessly with our platform and adds further depth to the capabilities we offer clients," Goss said. "We look forward to working alongside the team in Portland as we expand in the Pacific Northwest."

Charlie Waibel, managing principal and co-founder of Sellwood, framed the transaction as a way to maintain the firm's advisory model while gaining access to additional infrastructure.

"Our focus has always been on delivering independent, highly customized advice to each client," Waibel said. "Partnering with Wealthspire allows us to deepen our resources while staying true to the relationships, values, and service our clients rely on."

The Sellwood deal follows Fiducient's April 7 acquisition of Axia Advisory, a retirement plan consulting firm with $1.9 billion in assets under management or advisement. Axia, founded in 1992 and headquartered in Indianapolis, offers plan design, fiduciary governance, and private wealth services. Both deals add institutional-focused capacity to Fiducient's growing national footprint.

Wealthspire itself has been operating under new ownership since late last year, when Chicago-based private equity firm Madison Dearborn Partners completed a $2.7 billion acquisition of the firm and its affiliates from Aon.

Read more: Wealthspire to be acquired by Chicago PE firm as Aon divests most of its NFP wealth business

That transaction prompted a reorganization that placed five distinct business units – including Fiducient Advisors, Wealthspire Advisors, Newport Private Wealth, Wealthspire Retirement Advisory, and Ground Control Business Management – under the Wealthspire parent brand. Combined, those units span $580 billion in assets.

In an interview with InvestmentNews at the time, CEO Michael LaMena that the separation from Aon gave Wealthspire the ability to put its individual and institutional businesses "front and center," rather than having those operations defined by Aon's identity as an insurance brokerage.

He also took the opportunity to highlight improved equity participation for employees under private ownership as a tool for retention and recruitment.

“I think to take these businesses independent and have meaningful opportunity for our existing employees to participate in that equity, and to have that currency as a way to align interest with future teams that join us either organically or in organically, is going to be very meaningful,” LaMena said.

In December, Wealthspire revealed a slew of updates to its C-suite leadership with the announcement of Goss as revenue chief and president of its institutional arm, including Wealthspire Retirement Advisory. Brad Long was named chief investment officer, while Brett Schneider was announced as the firm's chief financial officer and Angela Giombetti took on the role of chief marketing officer.