San Francisco-headquartered Robasciotti & Philipson (R&P) has agreed to merge with impact-driven financial planning and wealth management firm Abacus Wealth Partners.
The combined firm will operate under Abacus name as part of the agreement, whose financial details are unknown.
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Founded in 2004, R&P is a majority-owned and operated by women, people of colour, and members of the LGBTQ+ community. The merger will bring in additional 115 clients to Abacus, representing 130m in assets.
Following the merger, R&P co-founders Rachel Robasciotti and Maya Philipson will respectively assume the roles of director of Advocacy Engagement and Strategic Advisor of the Abacus team.
In addition to this, Robasciotti and Philipson will remain at the helm of R&P’s sister investment firm, Adasina Social Capital, which was established last year.
Commenting on the development, Philipson said: “At its very core, Abacus is a team of individuals who are deeply aligned with our values and this influence is apparent throughout their entire approach to investment management and financial planning.
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By GlobalData“This transition feels so natural to us and will be for our clients as well. We are thrilled to start this new chapter with Abacus.”
Abacus, which has $3.8bn in client assets, provides financial planning services to individuals and families.
The company’s portfolios contain investments aligned with each client’s environmental, social, and governance (ESG) values.
Commenting on the merger, Abacus co-founder and CEO Brent Kessel said the merger will enable the firm to leverage its platform and resources to further advance social justice-driven investment strategies for its clients.
Abacus has clients in 42 US states with seven offices across Northern and Southern California and Philadelphia.
In 2015, the firm partnered with independent wealth management firm Aspiriant to launch a new joint venture, Align.
