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November 19, 2020

EP Wealth continues growth trajectory with acquisition of California RIA

Torrance, California-based RIA EP Wealth Advisors has expanded its reach in its home market with the purchase of Harris Financial Advisors.

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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
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The deal, whose financial details were not shared, adds over $490m in assets to EP Wealth.

It will also increase the firm’s client base by more than 390.

The takeover of Torrance-based Harris Financial, which offers investment management and financial planning services, is the 13th deal for EP Wealth.

Commenting on the deal, EP Wealth president and CEO Patrick Goshtigian said: “For nearly three decades, Harris Financial has been a trusted wealth management firm in the Torrance region, and with an unwavering dedication to clients, they are a welcome addition to our team.

“The partnership enables us to increase our presence in the South Bay, Torrance and the Palos Verdes Peninsula, and we will continue to build on the trust and recognition we’ve established there.”

As part of the deal, Harris Financial founder Mary Harris will join EP Wealth and become senior wealth adviser.

EP Wealth will also absorb rest of Harris Financial’s employees.

Harris noted: “EP Wealth’s wide-ranging resources and comprehensive expertise in investment and financial management will add value, supporting us as we work toward achieving our clients’ financial goals.”

The latest deal is the latest addition to EP Wealth’s consolidation activities.

This February, EP Wealth added a Texas presence by acquiring International Research & Asset Management. The transaction brought over $394m in assets to EP Wealth.

Earlier this year, EP Wealth extended its presence to the greater Chicago region through the purchase of Guidant Wealth Advisors.

In 2019, EP Wealth snapped up Pathlight Investors, Conlon Dart Wealth Management, Personal Financial Consultants, and CPIC International.

 

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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