Waverly footprint extends into Southwest with newly acquired firm in Austin, Texas
BIRMINGHAM, Ala. — June 20, 2023 — Waverly Advisors, LLC (“Waverly”), a registered investment advisor (“RIA”) that specializes in investment management, financial planning and wealth management solutions for a diverse group of high-net-worth individuals, corporate retirement plans and institutional clients, has acquired Silicon Hills Wealth Management (“Silicon Hills”) based in Austin, Texas. This transaction represents a significant milestone for Waverly’s national growth plans. Since 2021, the firm has extended its regional footprint across the Southeast; this partnership is Waverly’s first in the Southwest region.
Silicon Hills was co-founded by entrepreneurs Tom Brown and James Werner in 2013 as an innovative and service-oriented wealth management firm. Tom’s entire team, including James, will join Waverly. He will assume the role of Waverly Regional Director, Austin and continue building a team committed to providing comprehensive wealth management and financial planning solutions for clients within and around the state of Texas.
“As we continue to expand into new markets beyond the Southeast, we believe Tom and his team are the perfect fit to establish Waverly’s presence in Texas,” said Josh Reidinger, CEO of Waverly. “Silicon Hills brings a fresh perspective to innovation and technology, which will further strengthen Waverly’s existing infrastructure and enhance our client services. Most importantly, Tom and his team embrace the same values as Waverly, and we are thrilled to welcome them to our family.”
“When considering a merger, it was important for us to find a like-minded organization as committed as we are to systems and technology solutions, which help our clients navigate their financial lives,” said Tom Brown. “Partnering with Waverly provides our clients with better solutions and strengthened resources.”
“Tom and his team and Waverly share similar values: both have a deep commitment to client service. We are excited for the fresh perspectives that Tom will bring to Waverly, especially regarding technology and for Tom’s leadership efforts in Austin as Waverly continues to expand in the Southwest,” said Mac Selverian, WPCG Principal.
This acquisition marks the sixth since Waverly accepted an equity investment in December 2021 from Wealth Partners Capital Group (“WPCG”) and HGGC’s Aspire Holdings platform to support Waverly’s ongoing M&A-focused growth. Earlier this year, Waverly announced its acquisition of Omni Wealth Advisors, adding $105 million in assets under management.
The acquisition of Silicon Hills, which closed on June 16, 2023, will increase assets under management (“AUM”) by $255 million, bringing Waverly’s total AUM to approximately $6.1 billion. Financial and legal terms of the deal will not be disclosed.
Waverly Advisors, LLC (“Waverly”) is a fee-only registered investment adviser that serves the investment management and wealth planning needs of a diverse group of clients, including high-net-worth individuals and families, corporate retirement plans, trusts, endowments and institutions. Waverly manages approximately $6.1 billion in assets (as of 06/16/23) and offers collaborative investment, tax, estate and financial planning services. Founded in 1999 in Birmingham, Alabama, the company has ten offices across the U.S. and a team of over 90 professionals who hold many of the industry’s most prestigious credentials. For more information, please visit www.waverly-advisors.com.
About Wealth Partners Capital Group
Wealth Partners Capital Group (“WPCG”) is a financial services holding company, which invests in and partners with select leading wealth management firms. WPCG assists its partner firms by identifying and integrating like-minded registered investment advisers and financial advisors who are seeking access to expanded business capabilities, strategic growth and customized transition solutions. For more information, please visit www.wealthpcg.com.
HGGC is a leading middle-market investment firm based in Palo Alto, California, with over $6.9 billion in cumulative capital commitments. HGGC is focused on partnerships with management teams, founders and sponsors who reinvest alongside HGGC, creating a strong alignment of interests. HGGC makes investments in RIAs via its Aspire Holdings platform, which is targeting $300 million of total investment in the space. More information is available at www.hggc.com.
Robyn Schubart for Waverly Advisors
Email: [email protected]