AlphaCore Wealth Advisory has acquired Elk River Wealth Management, a seven-member advisory team that oversees nearly $1bn in assets.
The deal extends the company’s footprint in Colorado, adding staff in the Cherry Creek area.
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Financial terms of the deal remain undisclosed.
The acquisition comes after AlphaCore’s earlier purchases of Johnston & Associates and All Season Financial, adding to its operations and resources in the local market.
AlphaCore is increasing its capacity through client referrals and other referral channels viewed as trusted by the firm.
It is also adding business development personnel in Colorado as it seeks to support further expansion in the state.
Chris Freimuth, founder and chief executive of Elk River, started the firm after decades of advising high-net-worth and ultra-high-net-worth clients in Colorado and Arizona.
Following the deal, the team will have access to a range of services, including tax strategy and preparation, risk management, family governance and philanthropic planning.
Freimuth said: “Joining AlphaCore was a natural next step for our firm and our clients as we searched for the right long-term partner.
“We were drawn to the firm’s consistent organic growth and its commitment to building a platform that helps advisors deliver more for clients. AlphaCore’s established presence in Denver and dedicated local advisors give us additional depth and collaboration on the advisory side, while preserving the highly personalized service our clients value.”
After completion of the transaction, AlphaCore will have more than 120 employees across five main offices in San Diego, California; Denver, Colorado; Austin, Texas; Rockville, Maryland; and Greenwich, Connecticut.
As part of the deal, Elk River’s team will move to AlphaCore. Freimuth will become managing partner and will oversee the Cherry Creek and Phoenix teams.
AlphaCore founder and CEO Dick Pfister said: “When we founded AlphaCore, our vision was to build an enduring boutique wealth management firm that delivers a premium client experience through both scale and comprehensive capabilities.
“Our partnership with Elk River, following the expansion of our tax capabilities last fall, reflects that vision in action as we deepen our presence in Colorado, strengthen our leadership team, and continue building a firm that can grow both organically and through strategic acquisitions.”
