Advisory M&A News – 5/28/24

Waverly Advisors Acquires Derbend Asset Management

Waverly Advisors LLC, a federally registered investment adviser that specializes in investment management, financial planning and wealth management solutions for high-net-worth individuals, corporate retirement plans and institutional clients, has acquired Derbend Asset Management, an investment advisory business based in Peachtree City, Georgia.

The transaction marks Waverly’s fourth acquisition in the state of Georgia since June 2022 and expands the firm’s footprint across the Atlanta metro area. The transaction closed on May 17, and increases Waverly’s assets under management to approximately $11.9 billion.

Derbend was founded in 2002 by Chip Beard. His partner, Brian Chustz, joined in 2019, and together they have grown the firm’s AUM to approximately $310 million. Beard and Chustz will be joined by their entire team at Waverly and will become the firm’s 20th office location.

“When we met Chip and Brian, it was clear Derbend’s culture and dedication to service was a perfect fit,” Scott Craig, Atlanta-based regional director of Waverly, said in a statement. “We are excited to welcome the Derbend team and their clients to the Waverly family.”

Cetera Announces New Partners at Wilde Wealth Management

Cetera Financial Group announced that Jeffrey Anthony and Jason Fial have joined the ownership group at Wilde Wealth Management. Wilde Wealth Management is one of the largest businesses within the Cetera Advisors community. 

Anthony joined Wilde Wealth in 2019 and was recently named chief growth officer. In this newly created role, Anthony will lead organic and inorganic growth strategies for the firm, focused on client and asset growth as well as adviser mentorship, management and development. He will also partner with fellow advisers on succession planning programs.

Fial joined Wilde Wealth in 2018 and started his career in the financial services industry in 2005. He is a three-time Million Dollar Round Table qualifier. Prior to joining Wilde Wealth, he was a financial representative for Country Financial for nearly 15 years.  

Based in Scottsdale, Arizona, Wilde Wealth manages more than $3.4 billion in AUM for clients and oversees more than 42 advisers with nine locations across the Southwest. Advisers with Wilde Wealth have been affiliated with Cetera Advisors since 2007.

Modern Wealth Expands into the Washington, D.C. and Philadelphia Metro Areas

Modern Wealth Management announced the acquisitions of Philadelphia-based Wealth Management Solutions and Reston, Virginia-based Autumn Wind Asset Management. These acquisitions place Modern Wealth’s AUM to over $3.7 billion and is the firm’s seventh and eighth transactions since its launch in April 2023.

Founded in 2015 by Tanu Happonen, Wealth Management Solutions serves more than 350 individuals, families and small businesses. The firm adds more than $400 million in AUM to Modern Wealth and brings over a full suite of financial planning solutions, encompassing tax planning, estate planning, investment management and specialized private market investment offerings.

Autumn Wind is a wealth management and multi-family office firm founded in 2000 by Neal Falkenberry, managing more than $170 million in client assets. Dedicated to building and preserving wealth, Autumn Wind offers specialized investment management services tailored for large families with multigenerational wealth.

“Wealth Management Solutions and Autumn Wind both stood out as being completely aligned with our culture, business model and dedication to exceptional client care,” Jason Gordo, co-founder and president of Modern Wealth, said in a statement.