Buckingham Strategic Wealth has continued its growth trajectory by agreeing to buy Portland, Oregon-based RIA Confluence Wealth Management.
The acquisition will add $782m in assets to Buckingham’s books. The deal consideration was not shared.
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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.
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By GlobalDataSet 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.
