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December 2, 2021

Aspiriant snaps up HearthStone Private Wealth Management

By Verdict Staff

US-based wealth management firm Aspiriant has acquired San Diego-based wealth management firm HearthStone Private Wealth Management.

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Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
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Financial details of the transaction were not disclosed.

HearthStone manages approximately $350m in assets on behalf of wealthy families and professional fiduciaries. The firm has a team of seven employees who serve 150 clients.

The addition of HearthStone will expand Aspiriant’s regional footprint in San Diego. The clients of both firms will benefit from expanded offerings and services as a result of the deal.

Aspiriant CEO Rob Francais said: “We are thrilled to be partnering with HearthStone, a firm that parallels our standards and values when it comes to servicing clients and investing in employees.

“When it comes to Aspirant’s future growth, the sky is the limit for merging with like- minded organisations. We know succession planning is top of mind for many advisors and their clients, and we are here to offer an alternative path to selling to the big banks and private equity for firms that wish to remain employee-owned and independent of financial conflicts.”

HearthStone founder, president and CEO Paul Hynes added: “When the time came to discuss a succession plan, there were several options available to us. While we know that PE firms are paying top dollar for advisory firms in the current environment, we feel strongly that independent ownership is synonymous with putting the needs of clients and employees first. Because of our mutual unwavering dedication to our clients and employees, it became clear that Aspiriant was the best choice for us.”

Following the close of the deal, Aspiriant will have approximately 1,800 clients and over $15bn in assets under management and advisement.

The firm currently serves 1,788 clients in 11 offices throughout the US with $14bn in assets under management and advises.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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