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Advisory M&A News – 28/05/24

Waverly Advisors acquires Derbend Asset Management

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

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

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

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

Cetera announces new partners at Wilde Wealth Management

Cetera Financial Group announced this Jeffrey Anthony And Jason Fial have joined the ownership group of Wilde Wealth Management. Wilde Wealth Management is one of the largest firms within the Cetera Advisors community.

Anthony joined Wilde Wealth in 2019 and was recently appointed Chief Growth Officer. In this newly created role, Anthony will lead organic and inorganic growth strategies for the company, focusing on customer and asset growth, and as an advisor, management and development. He will also work with fellow advisors on estate planning programs.

Fial joined Wilde Wealth in 2018 and began his career in financial services in 2005. He has qualified for the Million Dollar Round Table three times. Before joining Wilde Wealth, he was a financial representative for Country Financial for nearly 15 years.

Wilde Wealth, based in Scottsdale, Arizona, manages more than $3.4 billion in assets under management for clients and oversees more than 42 advisors with nine locations in the Southwest. Wilde Wealth advisors have been affiliated with Cetera Adviseurs since 2007.

Modern wealth is spreading to the Washington, DC, 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 bring Modern Wealth’s assets under management to over $3.7 billion and are the company’s seventh and eighth transactions since its launch in April 2023.

Wealth Management Solutions was founded in 2015 by Tanu Happonen and serves more than 350 individuals, families and small businesses. The company adds more than $400 million in assets under management to Modern Wealth and brings a full suite of financial planning solutions, including tax planning, wealth planning, investment management and specialized investment offerings for the private market.

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

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

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