Alabama-based Waverly Advisors has acquired Paoli’s Planning Capital Management Corp., adding $246 million in assets under management to its already substantial $15.9 billion portfolio, writes Jeff Blumenthal for the Philadelphia Business Journal.
The financial terms of the deal were not disclosed.
This is the 20th acquisition by Waverly Advisors since it accepted an equity investment from Wealth Partners Capital Group and HGGC’s Aspire Holdings platform in December. The firm now has 33 offices in 12 states as well as 250 employees.
All five employees that work for the Chester County investment advisor will be joining Waverly. This includes Rick Bell, who founded Planning Capital Management in 2001. Bell, along with partner Daniel Brady, will become a partner and regional director at Waverly.
By partnering with Waverly, Planning Capital has “gained significant resources and infrastructure further enhancing our ability to serve clients,” said Bell. “Most importantly, Waverly’s culture aligns with ours.”
As a registered wealth advisor, Planning Capital Management serves high-net-worth individuals, institutions, and nonprofits. In addition to its Paoli office, the firm has locations in Philadelphia and Doylestown. The new owner plans to keep all three sites open.
Read more about Planning Capital Management being acquired in the Philadelphia Business Journal.
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