Edelman Financial Engines has added $490 million and approximately 600 clients with the acquisition of Danville, California-based Herrmann & Cooke Wealth Management.
“Herrmann & Cooke has a strong focus on growth, and the firm’s priorities have long included developing its employees, expanding services, and attracting and retaining new clients, all of which align closely with the growth goals for our wealth planning business,” Suzanne van Staveren, executive vice president and chief financial officer at Edelman, said in a statement.
“This transaction also expands our strong presence in an attractive Northern California market and adds capacity to service the increased demand in that region,” she added.
Jason Van der Loo, Edelman’s executive vice president and head of wealth planning and marketing, said the acquisition furthers the effort to “deliver a modern suite of wealth planning capabilities and value to our clients.”
“As we continue to grow, we are focused on acquisition opportunities that align with our mission and purpose, and offer the right mix of clients, culture, and capabilities,” he added. “Herrmann & Cooke is a perfect fit in all three of these areas, and we look forward to welcoming their team and clients to our firm.”
This deal follows Edelman's August 2022 acquisition of Smart Investor and its 2021 purchase of Viridian Advisors.
Boston, Massachusetts-based Edelman Financial Engines has offices in more than 145 U.S. cities and works with more than 1.3 million clients to manage $241 billion.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
