Waverly unlocks Ohio market with $1B tax and planning firm

Waverly Advisors is posting a double win with a deal marking its debut in a new market while helping it cross another billion-dollar milestone.

The national top-ranked RIA announced its acquisition of Cincinnati-based 9258 Wealth Management, a firm known for its tax preparation and planning expertise.

The transaction adds three Ohio offices to Waverly’s operations and increases its assets under management to approximately $14.4 billion.

Waverly’s president, Justin Russell, highlighted the mutually strategic value of the acquisition for the two firms.

“Partnering with 9258 brings a wealth of benefits to both firms,” he said. “Not only do we expand our reach into another new market, but we acquire new lines of service and expertise, while providing greater resources and infrastructure to 9258’s existing clients.”

Founded in 2017 by Walt Lunsford, 9258 Wealth Management has grown to include a team of 24 professionals and manages roughly $1 billion in assets. Lunsford, whose near-40 year record in financial services includes a 12-year affiliation with Raymond James, will join Waverly as a partner and regional director.

“Joining Waverly provides our people with more opportunities, and our clients with expanded service offerings and new investment options,” Lunsford said.

While financial terms of the deal were not disclosed, the acquisition further strengthens Waverly’s presence across the US, with 25 locations and more than 200 professionals.

The partnership with 9258 marks Waverly’s 17th acquisition since 2021, following an equity investment from Wealth Partners Capital Group and HGGC’s Aspire Holdings. It is also the seventh transaction the firm has completed in 2024, counting earlier deals such as its Charlotte, North Carolina debut with fee-only RIA McShane Partners and its May acquisition of Derbend Asset Management in Georgia .

Waverly's deal pace has made it the third most prolific acquirer in the M&A space so far this year, behind MAI Capital Management and Wealth Enhancement Group, according to Fidelity's recent Q3 2024 RIA M&A report.