New York-based financial advisory firm Cerity Partners has combined business with Sullivan & Serwitz (S&S), a wealth manager headquartered in California.
The deal adds $1bn in assets to Cerity Partners’ books, taking its total assets to nearly $26bn.
S&S will offer Northern California footprint to Cerity Partners, complementing the latter’s existing branches in Orange County and Los Angeles.
Cerity Partners CEO and president Kurt Miscinski said: “As with any merger, we seek strong cultural alignment. Looking at S&S’s 30-year history, it was apparent that the firm shares our passion for and commitment to client service.”
S&S has now adopted the Cerity Partners brand.
S&S co-founder Robert Sullivan called Cerity Partners the “best fit” to continue its growth momentum.
“More importantly, Cerity Partners aligns with our firm culturally and philosophically; we both strongly believe advisers should always put the client first and not operate under a product-focused agenda,” Sullivan stated.
Set up in 1989, S&S provides financial planning and investment advisory services to wealthy families.
In comparison, Cerity Partners is a newer company established in 2009.
The latest deal comes shortly after Cerity Partners’ merger with New York-based wealth manager EMM Wealth with $3bn in assets.
Last year, Cerity Partners merged operations with Blue Prairie Group and Karsten Advisors.