$1.5 Billion RIA partnership marks Waverly’s largest acquisition
BIRMINGHAM, Ala. — January 3, 2024 — 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 completed its acquisition of the investment advisory business assets of StrategIQ Financial Group, LLC (“StrategIQ®”), headquartered in Merrillville, Indiana, with offices in the greater Chicago area, and Northwest and Central Indiana. This is Waverly’s largest transaction since the firm initiated an M&A-focused growth strategy in 2021. This acquisition increases Waverly’s assets under management (“AUM”) by approximately $1.5 billion and expands the firm’s geographic footprint through new offices in Illinois and Indiana.
StrategIQ was founded with a vision to revolutionize wealth management. In 1996, CEO Chad Hassinger and three other advisors came together to create a firm that would offer a holistic approach to investment advice and financial planning, empowering investors and their families to secure their financial futures. With over a quarter century of experience and a relentless commitment to excellence, StrategIQ’s team members will continue to drive innovation in the wealth management industry as part of Waverly. StrategIQ has a team of 20+ advisors, client service associates, investment analysts, and operations team members, and will be the largest RIA to join Waverly to date.
“From the start, we set out to create a new kind of wealth management firm: an independent organization that delivers personalized and holistic financial planning and investment advice to help our clients achieve their financial goals, providing the freedom to live out their dreams and aspirations. To help grow our organization, gain access to new markets, and expand on the wealth of services we provide, we wanted a partner that shares our values and we found that in Waverly.” Said Chad Hassinger.
“When Waverly started exploring acquisitions, our vision was to do M&A differently,” said Josh Reidinger, CEO of Waverly. “Waverly’s desire is to build a world-class, cohesive, and integrated firm, fully focused on its culture and its clients. The StrategIQ team aligns with that vision, and we are thrilled to have them join the Waverly family.”
The acquisition of StrategIQ represents Waverly’s eleventh transaction since accepting an equity investment in December 2021 from Wealth Partners Capital Group (“WPCG”) and HGGC’s Aspire Holdings platform. The transaction closed on January 1, 2024, bringing the firm’s total AUM to approximately $9.8 billion. “Waverly’s partnership with StrategIQ represents a substantial milestone for the firm as it approaches the $10 billion dollar AUM threshold,” said Mac Selverian, WPCG Principal. “2023 has been a particularly successful year for Waverly, with seven acquisitions completed across seven states, and we start 2024 with this outstanding partnership.”
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 $9.8 billion in assets (as of January 1, 2024) and offers collaborative investment, tax, estate, and financial planning services. Founded in 1999 in Birmingham, Alabama, the company has eighteen offices across the U.S. and a team of over 130 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]