Edelman purchases $500M Massachusetts RIA

Edelman purchases $500M Massachusetts RIA
The acquisition is Edelman’s fifth over the last year.
NOV 16, 2023
By  Josh Welsh

Edelman Financial Engines, one of the largest registered investment advisory firms, has acquired PRW Wealth Management, an RIA that provides a range of wealth management services, both companies announced Thursday.

PRW, which is headquartered in Quincy, Massachusetts, manages more than $500 million in assets under management and serves 200 clients, from families to business owners.

Earlier this year, Edelman acquired Align Wealth Management. It also acquired Erman Retirement Advisory, Hermann & Cooke and Smart Investor late last year.

“Growth through acquisition remains a key area of focus for EFE, and the firm expects activity will increase in the coming quarters as it continues conversations with strong partners,” the companies wrote in a statement.

Dan Seivert, chief executive at Echelon Partners, who served as transaction advisor to PRW Wealth Management, said the acquisition will be “highly beneficial” for both firms.

“Joining Edelman Financial Engines provides us with a depth of additional resources and the ability to maintain the feeling of a multifamily office,” Rick Renwick, co-founder of PRW, said in the release. “We look forward to delivering cost-effective and tax-efficient customized portfolios built upon the investment philosophy of Nobel Prize winner and Edelman Financial Engines co-founder Dr. William F. Sharpe.”

Edelman Financial Engines oversees $245 billion in assets for $1.3 million customers.

Why advisors should consider adding options overlays to client portfolios

Latest News

Morningstar forges fintech partnership with SS&C
Morningstar forges fintech partnership with SS&C

The alliance will give Black Diamond users the first chance to use a newly launched advisory suite as Morningstar shutters a legacy advisor platform.

Passive pressures will drive continued mutual fund consolidation into 2030, PWC says
Passive pressures will drive continued mutual fund consolidation into 2030, PWC says

A continuing shift to low fees, growing dominance of mega-managers, and the clamor for product innovation are set to reshape the landscape.

Amid festering trade tensions, Grantham's GMO launches China-dodging ETF
Amid festering trade tensions, Grantham's GMO launches China-dodging ETF

Notwithstanding a recent tech-driven rebound in Chinese markets, five- and 10-year lookbacks suggest dropping the emerging-market giant is still the winning strategy.

Finra sanctions smoothie-throwing broker over alleged cash reporting failures
Finra sanctions smoothie-throwing broker over alleged cash reporting failures

But the Finra panel's decision against James Iannazzo was not unanimous.

Student debt has a chilling effect on employees' retirement planning
Student debt has a chilling effect on employees' retirement planning

A new study highlights how debt-saddled public and private workers are forced to focus on shorter-term investments and immediate financial concerns.

SPONSORED Record growth: Interval funds emerge as key players in alternative investments

Blue Vault Alts Summit highlights the role of liquidity-focused funds in reshaping advisor strategies

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.