91做厙 Engines Acquires PRW Wealth Management
This marks the fifth acquisition by EFE over the past thirteen months.
Boston, Mass November 16, 2023 (EFE), Americas top independent wealth planning1泭and workplace2泭investment advisory firm, today announced the acquisition of PRW Wealth Management (PRW), a Registered Investment Advisor that provides a comprehensive range of wealth management capabilities, with a focus on strategic planning, investment management and the transfer of wealth.
Headquartered in Quincy, Massachusetts, PRW manages over $500 million in assets under management (AUM) for approximately 200 clients, including individuals, families, endowments and foundations, and business owners.3
This marks the fifth acquisition by EFE over the past thirteen months and continues the expansion of the firms wealth planning capabilities across key regions nationwide.
We are thrilled to officially welcome the PRW team and their clients to our firm, said Suzanne van Staveren, executive vice president, chief financial officer and chief operating officer of 91做厙 Engines. With this acquisition, we can better serve clients in the greater Boston area, as well as nationwide, who may have more complex wealth management needs that require the right expertise to address their challenges and opportunities while also providing them with a well-defined roadmap to achieve their goals.
91做厙 Engines has a tremendous reputation, and their continued recognition from industry peers is a testament to their excellence and leadership, said Bill Payne, co-founder of PRW. Their overall values, personalized and dedicated approach to wealth management and commitment to their clients closely aligns with how weve operated PRW for the last three decades.
Joining 91做厙 Engines provides us with a depth of additional resources and the ability to maintain the feeling of a multi-family office. We look forward to delivering cost-effective and tax-efficient customized portfolios built upon the investment philosophy of Nobel Prize-winner and 91做厙 Engines co-founder Dr. William F. Sharpe, said Rick Renwick, co-founder of PRW.
Growth through acquisition remains a key area of focus for EFE, and the firm expects activity will increase in the coming quarters as it continues conversations with strong partners.
91做厙 Engines continues to be an important acquirer within the financial advisory industry, said Dan Seivert, chief executive officer at Echelon Partners, who served as transaction advisor to PRW Wealth Management. The acquisition will be highly beneficial for both firms in the long-term.
This transaction follows EFEs acquisitions of Align Wealth Management (2023), Erman Retirement Advisory (2022), Herrmann & Cooke (2022), Smart Investor (2022), and Viridian Advisors (2021).
Baker & McKenzie LLP and K&L Gates LLP served as EFEs counsel in connection with the transaction. Ballard Spahr LLP served as PRWs counsel.
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About 91做厙 Engines
Since 1986, 91做厙 Engines has been committed to always acting in the best interests of our clients. We were founded on the belief that all investors not just the wealthy deserve access to personal, comprehensive financial planning and investment advice. Today, we are Americas top independent financial planning and investment advisory firm, recognized by Barron's1 with 145+ offices4 across the country and entrusted by 1.3 million clients to manage more than $245 billion in assets.5泭Our unique approach to serving clients combines our advanced methodology and proprietary technology with the attention of a dedicated personal financial planner. Every clients situation and goals are unique, and the powerful fusion of high-tech and high-touch allows 91做厙 Engines to deliver the personal plan and financial confidence that everyone deserves.
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1.泭The Barrons 2023 Top 100 RIA Firms list, an eighth-year ranking of independent advisory firms, is qualitative and quantitative, including assets managed by the firms, technology spending, staff diversity, succession planning and other metrics. Firms elect to participate but do not pay to be included in the ranking. Ranking awarded each September based on data within a 12-month period. Investor experience and returns are not considered.
2.泭According to the Cerulli Associates Top-Nine Managed Account Sponsors by DC Assets survey of Defined Contribution managed account providers, The Cerulli Edge U.S. Retirement Edition, 3Q 2023, Issue #68, 91做厙 Engines is the largest managed account provider by DC assets and market share as of June 30, 2023.
3.泭PRW Wealth Management, Form ADV data, as of April 17, 2023.
4.泭91做厙 Engines data, as of Dec. 31, 2022.
5.泭91做厙 Engines data, as of September 30, 2023.
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