Peapack-Gladstone Financial, parent company of Peapack-Gladstone Bank (PGC), has struck a definitive agreement to acquire Morristown, NJ-based Wealth Management Consultants (WMC).
PGB president and CEO Doug Kennedy commented, "We are excited that WMC has decided to join Peapack-Gladstone Bank and become a foundational part of our private wealth management business. WMC’s advice-led business model marries perfectly with Peapack-Gladstone Bank’s vision and commitment to providing objective, relationship-driven solutions to help individuals build, protect and transition their wealth to future generations. Joining forces was a natural outcome."
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Established in 1998 by Thomas J. Ross Jr., WMC provides objective, comprehensive, financial, investment and tax planning advice to ultra-high net worth individuals.
These services include financial advice, estate and income tax planning, compensation and benefit planning and investment advisory services.
WMC’s clients control over $2bn of assets with approximately $450m of assets under advisement through a sophisticated "open architecture" platform through Callan Associates, a nationally recognized institutional investment consultant.
WMC president Tom Ross stated, "We had no plans to become part of a larger financial services firm, but I am truly excited to have found a professional organization that shares our vision of quality advice and exceptional client service. I have admired Peapack-Gladstone Bank from afar for many years and have also known and respected both Doug Kennedy and John Babcock professionally for many years. I have complete confidence that combining our two practices will create a powerful, best-in-class, client-centric financial advisory organization."
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By GlobalDataWMC has particular expertise in advising senior corporate executive clients on a variety of complex retirement plan, stock option, deferred compensation and employment contract issues.
Prior to establishing WMC, Ross was a partner at Coopers & Lybrand where he led their Personal Financial Services (PFS) practice in the New York metropolitan area, served on the Firm’s National PFS steering committee and founded their Registered Investment Advisory subsidiary.
PGB president of private wealth management John Babcock said, "In addition to all of the obvious synergies to be realized and the benefits that our respective clients will enjoy as a result of combining our two firms, we are particularly excited by WMC’s alliance with Callan Associates, Inc.; specifically WMC’s access to Callan’s Investment Advisory Group’s (IAG) outstanding due diligence, research, and analytical resources and their platform of best-in-class separate account managers across all asset classes and style universes."
With a market value of over $2.99bn under management and administration at December 31, 2014, the wealth management division of Peapack-Gladstone Bank is one of the largest New Jersey-based asset managers, with wealth management offices in Bedminster, Morristown, Princeton and Teaneck, as well as a trust office in Greenville, Delaware.
The WMC transaction solidifies PGB as a leader in wealth management and positions the organization to become the premier client-centric financial advisory organization in the New York metropolitan area.
