Adviser Investments, a registered investment advisor based in suburban Boston, said Tuesday it was acquiring Ropes Wealth Advisors, another Boston-based firm.
Together, they will manage nearly $15 billion in client assets and have more than 185 employees including wealth advisors, portfolio managers, fiduciary and financial planning specialists, and client service professionals. The management of both companies will own the combined firm along with Summit Partners, a private equity firm also based in Boston that acquired a majority stake in Adviser Investments in 2020, the companies said in a statement.
Financial terms of the deal were not disclosed.
"With this combination, we will deepen our leadership position serving wealth management clients with complex planning needs," Adviser Investments CEO Mario Ramos said in a statement. "Equally important, this transaction reinforces our role as one of the leading merger partners of choice for RIA firms and other independent wealth management firms across the country."
Ropes Wealth Advisors was previously a wholly owned subsidiary of the law firm Ropes & Gray. It will maintain close ties to its former parent company, acting as the preferred provider of wealth management services to Ropes & Gray clients and partners.
The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.
The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.
Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.
With more than $13 billion in assets, American Portfolios Advisors closed last October.
Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.
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.
