Edelman Financial Engines (EFE) has acquired Soundmark Wealth Management, an investment advisory firm with more than $453 million in assets for over 250 households.
The Kirkland, Washington-based firm, founded by Bill Schultheis, provides investment management and financial planning services for medical and technology professionals, along with small business owners.
The acquisition will expand EFE’s capacity to service clients in the Pacific Northwest, EFE stated in a release.
“We are thrilled to welcome Soundmark to EFE. Bill has built an excellent team, and we know they will be a great addition to our firm. We are united by a common goal to serve in the best interest of our clients and to reach more people with the holistic, wealth planning capabilities they need to achieve their financial goals,” shared Jay Shah, chief executive officer at Edelman Financial Engines. “Growth through acquisition is important to our strategy, and we look forward to adding more exceptional teams like Soundmark that share our commitment to clients, value the resources that the top RIA in the industry provides and want to be part of building a modern wealth planning experience.”
“It’s an honor to be joining forces with Edelman Financial Engines, a pioneer and perennial leader within the RIA industry,” added Bill Schultheis, principal and senior wealth advisor at Soundmark Wealth Management. “We share a similar client-centric approach in our work, and by partnering with EFE our clients benefit from more resources and planning expertise while our planners will have more support and less administrative duties, allowing them to focus even more on our clients.”
The transaction is EFE’s first of 2024 and follows the firm’s recent acquisitions that added planner capacity among the Pacific Northwest, Northeast, Northern California and the South, and supplemented the firm’s capabilities in tax and estate planning, and retirement plans for small businesses. EFE said it will also continue conversations with more potential partners throughout the remainder of the year.
Baker & McKenzie LLP served as EFE’s counsel in connection with the transaction. Montgomery Purdue LLC served as Soundmark’s counsel. EFE currently serves more than 1.3 million clients to manage more than $270 billion in assets.
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- Edelman Financial Engines Appoints Neil Gilfedder as CIO
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
