WA Asset Administration, an asset administration agency partly owned by Warren Averett CPAs & Advisors, has acquired Clark Monetary Advisors, a registered funding advisory agency in Birmingham, Alabama.
The deal is the primary since Birmingham-based Warren Averett bought a majority stake in its asset administration subsidiary final November to Wealth Companions Capital Group, a monetary companies holding firm in Palm Seashore, Florida, and HGGC, an funding agency in Palo Alto, California (see story). WAAM’s acquisition of Clark will add roughly $270 million to $300 million in belongings underneath administration and increase its presence in Birmingham with three extra staff from Clark.
The deal is a part of a rising development through which funding corporations and personal fairness corporations have been investing in accounting corporations. In January, Parthenon Capital acquired RSM US’s wealth administration follow. Personal fairness corporations have additionally taken stakes in EisnerAmper, Citrin Cooperman, Schellman & Co. and CFGI.
WA Asset Administration hopes to entice extra corporations that function wealth administration practices, particularly accounting corporations. “That is our first acquisition to shut since we acquired our funding from Wealth Companions and HGGC,” stated WAAM CEO Josh Reidinger. “We positively have a number of different alternatives that we’re enthusiastic about. We’re to not the purpose of releasing something at this level, however we’re very enthusiastic about some alternatives that we’ve. One among our largest areas that we’re targeted on are CPA corporations which have wealth administration practices. That is likely one of the areas that we’re most targeted upon. We’re having conversations with CPA corporations throughout the nation which have a wealth administration follow. A few of these might be subsidiaries. Typically they simply have a reference to a wealth follow that’s affiliated with a CPA agency. I used to be with Warren Averett for 26 years. We clearly perceive that CPA world by way of and thru. We’re extremely targeted upon having conversations about different teams which might be much like what we have been at Warren Averett becoming a member of us.”
Its first deal, with Clark Monetary Advisors, is with a monetary advisory agency, not an accounting agency. CFA was based by M. Brooks Clark and gives fee-only funding administration and monetary planning companies to high-net-worth shoppers. Monetary and authorized phrases of the deal weren’t disclosed. WAAM manages $4.three billion in belongings as of March 31, 2022 and presents collaborative funding, tax, property and monetary planning companies. Based in 1999 in Birmingham, it has 5 workplaces throughout the Southeast and a crew of over 40 professionals. Warren Averett ranked No. 41 on Accounting As we speak’s 2022 listing of the Prime 100 Companies, with $159.7 million in annual income.
Reidinger sees the deal strengthening the agency in its hometown. “We’re headquartered in Birmingham and Clark can also be headquartered in Birmingham,” he stated. “It’s a extremely robust group that has a decades-long historical past and has a deep dedication to monetary planning and taking unbelievable care of their shoppers. They’ve a robust tradition, and can be a beautiful addition to us in our Birmingham market.”