Edelman Financial Engines has completed its first acquisition of the year, adding Michigan-based Cahill Wealth Management to expand its reach in the Midwest.
The acquisition, announced Monday morning, sharpens Edelman's focus on executives in the pharmaceutical and life sciences sectors while bringing $426 million in client assets under the firm’s management.
Cahill Wealth Management, based in Kalamazoo, serves 125 clients and will be fully integrated into the Edelman brand, the firm said.
Cahill’s focus on executives in life sciences aligns with Edelman’s workplace services strategy, which offers retirement and financial planning services through employer partnerships. The move is part of a broader effort by Edelman to identify advisory teams with specialized expertise and integrate them to support clients with evolving needs.
“Investor needs are changing rapidly, and EFE continues to elevate our offering and help clients in new ways by adding talented RIAs to our team,” Jay Shah, chief executive at Edelman Financial Engines, said Monday.
Cahill provides guidance across financial planning, employee benefits, and tax strategies, with a niche emphasis on professionals in the pharmaceutical and life sciences fields. Edelman said it sees potential to scale this specialty across a broader client base.
“As we extend our reach throughout the country, particularly in the Midwest, we seek partners who prioritize client service and align with our fundamental principles,” said Suzanne van Staveren, executive vice president, chief financial officer and chief operating officer at Edelman Financial Engines.
“Cahill’s industry specialization complements EFE’s workplace business, as their expertise serving executives in the life sciences space will be additive to these relationships,” the firm stated.
While 2023 and 2024 were busy years for dealmakers in the M&A space, including a record-breaking 272 transactions logged in Echelon Partners' 2024 RIA M&A deal report, Edelman appeared to be very selective with just a handful of acquisitions under its belt.
Edelman's 2023 deal calendar took a late fourth-quarter start with its October acquisition of Align Wealth Management, a $425 million RIA with offices in Oklahoma City and St. Petersburg, Florida. In November, it added PRW Wealth Management, a Quincy, Massachusetts-based firm overseeing over $500 million in client assets.
One month later, the firm snapped up New England Pension Plan Systems and its affiliate, expanding its small business retirement consulting capabilities in the Northeast to the tune of $1.5 billion in assets and over 500 clients added.
Last year, Edelman inked just one deal in May with Soundmark Wealth Management of Kirkland, Washington, a $453 million RIA known for serving medical professionals, tech workers, and small business owners.
The group led by a 37-year industry veteran brings $470 million in assets to the Philadelphia-based broker dealer.
The Atlanta, Georgia-based national wealth firm revealed its new PE partner as prior backers Wealth Partners Capital Group and HGGC’s Aspire Holdings exited their investments.
The latest departures in Ohio mark another setback for the hybrid RIA, which is looking to "expanding its presence across all models and segments of the wealth management industry.”
The St. Louis-based real estate investment firm gives the asset management giant a valuable access point to the roughly $1 trillion net lease market.
Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.
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.
