US-based wealth management firm Aspiriant has acquired San Diego-based wealth management firm HearthStone Private Wealth Management.
Financial details of the transaction were not disclosed.
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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.”
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By GlobalDataHearthStone 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.
