Waverly Advisors has made a milestone acquisition in the Northeast as it acquires a Pittsburgh, Pennsylvania-chartered trust firm to strengthen its high-net-worth service capabilities.
The deal to acquire Smithfield Trust Company, which manages $3 billion in assets, represents Waverly's 34th transaction since accepting equity investment from Wealth Partners Capital Group (WPCG) and HGGC's Aspire Holdings platform in December 2021.
Based in Birmingham, Alabama, Waverly managed just over $35 billion in AUM as of May 29, according to the firm.
Founded in 1996, Smithfield offers fully integrated fiduciary wealth management services – including trust and estate administration, customized investment management, and tax and charitable planning – to clients globally. The firm ranks among western Pennsylvania's largest money management firms and is known for its multi-generational client relationships.
Elizabeth Poggi, Smithfield's president and chief executive officer, and Timothy Rice, chairman and chief investment officer, will join Waverly as co-regional directors. All 21 Smithfield professionals are joining the combined firm.
"Acquiring respected trust companies has been a long-standing goal of Waverly's," Justin Russell, president and CEO of Waverly Advisors, said in a statement.
"Smithfield's unified approach to trust, tax and investment management directly supports Waverly's mission of building a cohesive and world-class service offering to better serve our clients," Russell said.
The deal is Waverly's first acquisition of a state-chartered trust company, and it meaningfully extends the firm's planning capabilities at a moment when trust services are becoming a key differentiator in the independent advisory space.
Research from Cerulli Associates found that comprehensive wealth managers – those delivering the full range of planning services including complex estate and trust strategies – manage nearly $200 million per advisor on average, compared to roughly $113 million for advisors focused primarily on investment management. Private banking and trust services also recorded 34% growth among high-net-worth practices between 2017 and 2025.
"This acquisition unites the strengths of a premier trust company and a leading RIA, significantly expanding the depth of resources and planning capabilities offered to clients, without compromising the high-touch service they have come to expect," Poggi said.
The Smithfield deal comes two weeks after Waverly closed the acquisition of WealthPlans and its affiliated tax firm Cooley & Associates, both based in Frederick, Maryland, which added approximately $250 million in assets while establishing Waverly's second location in the state.
"Waverly continues to execute on a differentiated growth strategy by connecting with firms that enhance its platform and expand its capabilities," said Mac Selverian, partner at WPCG. "The addition of Smithfield represents a meaningful step forward as Waverly continues to build a comprehensive experience for its clients."
The mega-RIA with roughly $160 billion in client assets remains firmly in acquisition mode amid rumors of private equity giants vying to scoop it up.
Record annuity demand for principal protection collides with the most hawkish Fed dissent since 2016.
The PE-backed RIA makes its first major move since bringing in a new capital partner, adding a Massachusetts advisory firm alongside a second East Coast RIA
Stearns Financial Group's addition brings 30 advisors and three decades of North Carolina planning experience to the platform.
An 86-year-old from Dallas tried to withdraw funds from his account, but Edward Jones invoked a FINRA-backed temporary lockout before he eventually left for Merrill Lynch.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
