Philadelphia-based Wescott Financial Advisory Group is acquiring Harleysville, Pennsylvania-based Asset Planning Services in a deal that gives Wescott access to a niche client base made up of Merck & Co. executives.
The deal, which is expected to close by the end of the year, adds $800 million in client assets to Wescott, bringing its new total to $3.5 billion.
Founded in 1987, APS has carved out a specialty practice, with the majority of their client base comprised of current and retired executives, and their families, from Merck and other pharmaceutical companies.
“APS joining our strategic enterprise brings to the forefront the growing importance of options for firms as they search for a platform company that offers attractive alternatives to some of the larger acquirers,” said Wescott founder and chief executive Grant Rawdin, in a prepared statement.
“While the RIA industry has experienced significant consolidation over the past few years, firms like APS are looking for a partner who will offer them the scale, infrastructure, professional management, technology, institutional knowledge and benefits they need, while also giving them the opportunity to remain an influential voice within a combined firm,” he added.
Wescott was able to offer APS a combination of liquidity and continued participation in the growth of our entrepreneurial enterprise, according to the announcement.
Wescott, which was also founded in 1987, has tapped into “the rise of co-operative independents,” and looks forward to “collaborating on new initiatives and visionary offerings to remain on the forefront of wealth management,” Rawdin said.
When the deal is completed, APS founder and president Rick Volpe will lead the Charitable and Estate Planning division of Wescott, remain in charge of the Harleysville office and join Wescott leadership.
APS’ Sean Roberts will become chief investment strategist, with other members of the APS team assuming similar roles and responsibilities at Wescott.
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