Waverly Advisors, LLC, a federally registered investment adviser (RIA), has acquired River Capital Advisors, L.C., an investment advisory business based in Jacksonville, Florida, the firm announced in a release.
River Capital was founded in 1998 as a subsidiary of CPA firm Smoak, Davis & Nixon, LLP. Waverly specializes in investment management, financial planning and wealth management solutions for high-net-worth individuals, corporate retirement plans and institutional clients.
“Rob and his team are a dynamic group, hungry to grow and dedicated to their clients’ financial well-being,” said Justin Russell, president of Waverly. “We are thrilled to welcome them to the Waverly family.”
“River Capital was established out of the desire to help clients with all aspects of their financial lives,” said Robert Simon, president of River Capital. “Joining Waverly means we are now able to utilize a stronger infrastructure and provide even greater resources to our clients.”
The acquisition of River Capital is Waverly’s 15th transaction since accepting an equity investment in December 2021 from Wealth Partners Capital Group (WPCG) and HGGC’s Aspire Holdings platform. In the time since, the firm has acquired RIAs Silicon Hills Wealth Management, Prosper Financial Advisers, and StrategIQ Financial Group, among others. The transaction closed on July 19 and increases the firm’s assets under management (AUM) to approximately $12.5 billion.
“Waverly continues to enter new and thriving markets across the U.S.,” said Mac Selverian, WPCG Principal. “Partnering with like-minded RIAs that share Waverly’s cultural values adds to the success of the firm’s M&A strategy.”
SEE ALSO:
- Waverly Advisors Buys CenterPoint Wealth Management
- Corporate Roundup: 401GO Launches IRA, Waverly Acquires Prosper
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.
