Particulars: WA Asset Administration, a registered funding advisory agency based mostly in Birmingham, Alabama that’s affiliated with High 100 Agency Warren Averett, has acquired BT Wealth Administration LLC, an advisory agency in Atlanta and Savannah, Georgia.
The M&A deal is the second acquisition since 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 Seaside, Florida, and HGGC, an funding agency in Palo Alto, California (see story). In April, WA Asset Administration acquired Clark Monetary Advisors, a registered funding advisory agency in Birmingham, Alabama.
BTWM was based in 2008 because the wealth administration division of a distinct High 100 Agency, Bennett Thrasher LLP. Beneath the management of managing accomplice Scott Craig, BTWM has grown to roughly $1 billion in belongings below administration. The acquisition closed on June 30, and can improve WAAM’s AUM by roughly $1 billion. Monetary phrases weren’t disclosed. WAAM manages $4.three billion in belongings as of Could 31, 2022, and gives collaborative funding, tax, property and monetary planning companies.
BTWM’s complete 14-person crew will be a part of WAAM, with Craig assuming the position of regional director, Clay McDaniel turning into chief funding officer of personal markets, and Justin Snell turning into chief working officer.
“WAAM’s philosophy is rooted in its dedication to purchasers and supporting them by each step of their lives,” mentioned WAAM CEO Josh Reidinger in an announcement final week. “We see these identical values woven into the tradition at BTWM. This acquisition lays the groundwork for additional development within the Southeast and past, and we’re thrilled to welcome the proficient and devoted BTWM professionals to our crew.”
WAAM plans to rename itself and redefine its model within the months forward, suggesting it’s shifting away from its Warren Averett origins, however it could but retain a few of that historical past.
“WAAM is in a interval of fast development and we’re being considerate about how our agency’s mission, values and targets are mirrored in our market positioning,” mentioned WAAM president Justin Russell in an announcement. “Our purpose is to honor our heritage and the dear partnerships we’ve fostered all through our historical past, whereas concurrently showcasing our forward-looking momentum.”