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November 2, 2020

Buckingham swoops on Oregon RIA Confluence Wealth Management

Buckingham Strategic Wealth has continued its growth trajectory by agreeing to buy Portland, Oregon-based RIA Confluence Wealth Management.

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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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The acquisition will add $782m in assets to Buckingham’s books. The deal consideration was not shared.

Post deal finalisation that is subject to customary closing conditions, Confluence will become part of Buckingham.

Commenting on the deal, Confluence CEO Kathleen Kee said: “Partnering with Buckingham gives us the support of an industry leader in evidence-based investing, access to national thought leadership in advanced financial planning with Michael Kitces and Jeffrey Levine, and the opportunity to serve clients nationwide while focusing on helping them achieve their goals through holistic financial planning.”

St. Louis-based Buckingham caters to individuals, families, businesses, trusts, nonprofits, retirement plans as well as medical practice owners. The business has 42 offices across 22 states.

The purchase of Confluence, which provides fee-only financial planning and wealth management services, is Buckingham’s sixth deal in 2020.

Set up in 2011, Confluence serves executives, professionals, business owners, retirees, corporate retirement plans, endowments along with foundations.

Both the parties concerned offer evidence-based investment philosophy.

Buckingham COO Justin Ferri called Confluence a “natural fit”.

Ferri noted: “We are thrilled for our two teams to join forces, building on our collective strengths and shared philosophy of evidence-based investment and planning.

“We foresee that the addition of Confluence will provide us with significant opportunities to expand the number of clients we serve in the Pacific Northwest as we continue strengthening our presence in the region.”

Buckingham is a partner firm of Focus Financial Partners, a partnership of wealth management firms.

Earlier this year, Focus snapped up Australian wealth manager MEDIQ Financial Services that focuses on serving medical professionals.

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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