Edelman Monetary Engines, with greater than $245 billion in belongings underneath administration, has accomplished its fifth acquisition in 13 months with the addition of PRW Wealth Administration within the larger Boston space.
Situated about 20 minutes off the Atlantic coast in Quincy, Mass., PRW manages greater than $500 million for roughly 200 shoppers—together with people, households, enterprise homeowners, endowments and foundations. Invoice Payne and Rick Renwick based the agency in 2010 and registered with the U.S. Securities and Trade Fee in 2016.
“Becoming a member of Edelman Monetary Engines offers us with a depth of further assets and the power to keep up the sensation of a multi-family workplace,” Renwick mentioned in a press release. “We look ahead to delivering cost-effective and tax-efficient custom-made portfolios constructed upon the funding philosophy of Nobel Prize-winner and Edelman Monetary Engines co-founder Dr. William F. Sharpe.”
“Edelman Monetary Engines has an amazing status, and their continued recognition from trade friends is a testomony to their excellence and management,” added Payne.
Edelman Monetary Engines was created in 2018 when majority proprietor Hellman & Friedman merged Edelman Monetary Providers, Ric Edelman’s $21.7 billion AUM registered funding advisory agency, with Monetary Engines, a tech-focused company retirement plan advisor with $169 billion in managed belongings, in a deal that valued the mixed entity at $4.5 billion.
Since Edelman stepped away a bit greater than two years in the past, the corporate has accomplished a handful of acquisitions, together with including Align Wealth Administration earlier this 12 months, Erman Retirement Advisory, Herrmann & Cooke and Good Investor in 2022, and Viridian Advisors in 2021.
After bringing in CEO Jay Shah to succeed Larry Raffone and lead acquisition technique this summer season, firm executives indicated there will likely be extra exercise within the coming 12 months because the agency continues to increase into “key areas.”
“Edelman Monetary Engines continues to be an necessary acquirer throughout the monetary advisory trade,” mentioned Dan Seivert, CEO at Echelon Companions, the funding financial institution that suggested PRW on the transaction.
“With this acquisition, we will higher serve shoppers within the larger Boston space, in addition to nationwide, who might have extra advanced wealth administration wants that require the best experience,” mentioned Suzanne van Staveren, EVP, CFO and COO at Edelman Monetary Engines.
Based mostly in Santa Clara, Calif., Edelman Monetary Engines presently serves some 1.3 million shoppers from 145 workplaces nationwide.