BlueSky Wealth Advisors has acquired California-based Pleasanton Financial Advisors, which manages approximately US$126 million in assets.
The deal brings the total assets under management for BlueSky Wealth Advisors to about US$200 million after the deal closed on 30 August 2013, according to Financial Advisor Magazine.
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The deal will allow BlueSky Wealth Advisors to consolidate administrative and operational functions, deploy new technology and better comply with industry regulations.
As a part of the deal, all the advisors in the combined firm will provide comprehensive financial planning and day-to-day client advisory needs.
The two owners of Pleasanton Financial, Gary Smith, founder and principal owner and Mark Janer will be retiring after a period of time to help with the transition.
David Blain, president and CIO of BlueSky Wealth Advisors, has engaged FP Transitions to help in the search for an opportunity to purchase another practice.
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By GlobalDataBlueSky Wealth Advisors is a fee-only RIA that operates through its affiliate office D.L. Blain & Co in New Bern, North Carolina.
