Waverly establishes its fourth location in Florida
BIRMINGHAM, Ala. — November 14, 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 Prosper Financial Advisers (“Prosper”) based in St. Petersburg, Florida. This transaction is the sixth RIA acquisition by Waverly in 2023 and expands the firm’s existing presence in Florida.
Prosper was founded in 2008 by Rhonda Holifield, who has built a team of all-female professionals committed to maintaining the highest standards of integrity and professionalism with respect to their clients. Prosper brings over 30 years of wealth management and comprehensive financial planning experience to Waverly. Rhonda and her entire team will join the firm.
“We love the energy Rhonda and her colleagues bring to this partnership,” said Josh Reidinger, CEO of Waverly. “Their mission and values align seamlessly with Waverly’s, and we look forward to welcoming their team to the Waverly family.”
“As a team of hard-working professionals, we wear many hats running the daily operations of the firm,” said Rhonda Holifield. “Partnering with Waverly offers us additional resources, stronger infrastructure and the opportunity to focus on what our business does best – providing prudent and comprehensive financial advice to our clients, while helping them navigate life’s challenges and work towards achieving their personal goals.”
The acquisition of Prosper marks the tenth since Waverly accepted an equity investment in December 2021 from Wealth Partners Capital Group (“WPCG”) and HGGC’s Aspire Holdings platform. The transaction closed on November 10, 2023, and will increase assets under management (“AUM”) by $146 million, bringing Waverly’s total AUM to approximately $7.7 billion.
“Waverly is thrilled to welcome the Prosper team and is pleased to have found a culturally and philosophically aligned partner. At Waverly, culture is paramount, so partnering with Prosper, a like-minded firm committed to the financial health and legacy of its clients, makes this merger a meaningful one,” said Mac Selverian, WPCG Principal.
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 $7.7 billion in assets (as of 11/10/23) and offers collaborative investment, tax, estate and financial planning services. Founded in 1999 in Birmingham, Alabama, the company has thirteen offices across the U.S. and a team of over 100 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]