Exencial Wealth Advisors, an Oklahoma-based independent RIA, has agreed to buy North Carolina-based peer Willingdon Wealth Management for an undisclosed sum.
The acquisition of Willingdon, which provides investment management, financial planning, estate planning, and trustee services, brings assets of $800m to Exencial.
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Exencial too offers similar services, including financial planning, investment management and tax planning counsel to senior corporate executives, institutions, and entrepreneurs.
Exencial will absorb 16 Willingdon employees as part of the deal, including five CFA charterholders.
Willingdon founder and president Mike Kayes will become a managing director of Exencial post deal closure on 1 June 2020.
He will serve as a member of the executive leadership as well as investment teams.
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By GlobalDataKayes believes that the alliance will improve Willingdon’s value proposition.
“Exencial’s tax planning capabilities in particular will greatly benefit our clients,” he stated.
Exencial CEO John Burns welcomed the deal, saying that the values of the acquired entity align with its own.
Referring to Willingdon, Burns noted: “The team is collaborative and unequivocally focused on delivering the utmost in client service.
“They’re also among the best in the business in terms of investment expertise, which will provide immense value to our client base.”
Willingdon has operations in Connecticut, Ohio and California apart from North Carolina. The firm serves individuals, families, and business owners.
