Advisory M&A News – 4/8/24

Sequoia Financial Group Acquires Houston-based AltruVista

Sequoia Financial Group LLC announced it has acquired AltruVista LLC, an SEC-registered investment adviser that provides financial planning and asset management services to high-net-worth clients. The transaction closed March 31.

Houston-based AltruVista has more than $310 million in assets under management, as of March 31. The firm was founded in 2009 by CEO Ali Nasser, who will become a shareholder of Sequoia. He will collaborate with Sequoia advisers on the Wealth Integration System for Entrepreneurs, his proprietary wealth assessment tool.

“AltruVista specializes in crafting customized planning solutions for entrepreneurs and business owners,” said Tom Haught, founder and CEO of Sequoia, in a statement. “The foundation for this partnership is based on a longstanding relationship with Ali, mutual respect, and a shared vision for providing unparalleled client support to fuel the success of business owners.”

With the new Houston location, Sequoia now has 14 offices in eight states. In 2023, Sequoia announced four acquisitions, including Zeke Capital Advisors, Cirrus Wealth Management, Affinia Financial Group and M Capital Advisors.

Evermay Wealth Management Acquires Insight Wealth Management

Evermay Wealth Management LLC, a registered investment adviser located outside of Washington, D.C., announced its acquisition of Insight Wealth Management Inc., an RIA based in Gainesville, Virginia.

Effective December 30, 2023, Evermay acquired 100% of the assets managed by Insight Wealth Management, which was owned and operated by Bob Pugh. He joins Evermay as a senior wealth adviser, as does his wife, Elaine Pugh, with whom he founded Insight Wealth Management.

“We are pleased to welcome Bob and his clients to the Evermay family,” said Will Pitt, Evermay’s president and co-founder, in a statement. “As the fifth acquisition in Evermay’s history, we always love when we identify partners who share our philosophy and values.”

Pugh brought $73 million in AUM, taking Evermay’s total AUM to $1.06 billion, as of March 1.

RIA EP Wealth Advisors Adds Wacker Wealth Partners

EP Wealth Advisors LLC, an independent RIA, has acquired Wacker Wealth Partners LLC. The partnership with the San Luis Obispo, California-based firm expands EP’s presence in California to the state’s Central Coast and adds nearly $1.2 billion in assets under management.

Wacker has provided services to clients in San Luis Obispo and the Central Coast region in an array of industries for more than 35 years. Wacker CEO Ryan Caldwell will become EP’s regional director for Central California, while President and Chief Operating Officer Bryan Krill will become associate regional director. In all, 22 members of the Wacker team will join EP Wealth.

“You can see [Wacker’s] commitment in many ways, including their extensive involvement in community organizations throughout the Central Coast,” said Ryan Parker, CEO of EP Wealth Advisors, in a statement. “Expanding our presence in this important market was a factor in partnering, but it is the way Wacker shows up for their clients, team members and others that sets them apart.”

The Wacker partnership marks the second acquisition for EP Wealth in 2024 and its 31st since taking a minority investment from Wealth Partners Capital Group in July 2017.