Cary Street Partners has agreed to purchase Virginia-based independent RIA Waypoint Advisors.
Financial details about the deal were not divulged.
Together, the two businesses will offer wealth management solutions to individuals, families and institutions and oversee around $4bn in assets.
Founded in 2001, Waypoint Advisors serves HNW clients and foundations across the US.
Waypoint Advisors president Elizabeth Patterson calls Cary Street Partners the best fit.
Patterson noted: “Like many financial advisory firms, we recognise the need for larger scale to cover growing compliance, operations, and technology requirements.
“Cary Street Partners has the people, operations and the technology required to enable our team to do more of what we love to do, focus on clients and expand our expertise.”
The deal awaits regulatory nod, with completion anticipation by the end of this month.
Cary Street Partners CEO Joseph Schmuckler said: “Waypoint Advisors has built a valued business and an exceptional reputation in the Hampton Roads market. Their team’s adherence to culture, values, and always putting the client first has resonated with us since we were first introduced to Waypoint.
“We are excited to gain a powerful presence in Virginia Beach, which will complement our other Virginia locations.”
Cary Street Partners has 12 offices across five states.
Last month, the firm renamed its holding company to Cary Street Partners Financial from Luxon Financial.
Notably, in August 2019, New York-based investment bank Ducera invested in Luxon Financial.
Last April, Luxon Financial agreed to buy New-Jersey based advisory business Tradition Capital Management.
