Florida-based wealth management firm Flaharty Asset Management has bolstered its presence in its home market by combining operations with AWA Investment Advisors.

Financial terms of the transaction, which took place last month, were not shared.

Punta Gorda-based AWA Investment Advisors has an investment portfolio of around $250m and six staff.

Flaharty Asset Management manages nearly $580m and employs 13 people.

The consolidated group will operate under the Flaharty Asset Management brand and will continue to serve clients in their respective locations across the country.

Flaharty Asset Management founder, CEO and managing partner Shon Flaharty said: “With this merger, we have significantly expanded our team of specialists and will continue to serve those who have led to our company’s success.

“It allows us to continue to grow, while upholding our strict fiduciary responsibilities to our clients.”

The Punta Gorda office will serve clients located across the Naples, Fort Myers, Marco Island, Port Charlotte, and the Punta Gorda region.

The Clearwater office will be the firm’s headquarters and continue to cater to customers in the greater Tampa, St. Petersburg and Clearwater area, and the other regions of Florida.

Flaharty added: “Unlike some of our competitors in Florida who have sold out to large hedge funds, Wall Street firms or groups outside of the U.S., we are and will remain a homegrown, locally owned-and-operated, wealth management firm with a national platform (LPL) and footprint.”

Founded in 2007, Flaharty Asset Management is an institutional investment management and advisory firm. It provides financial planning, investment advice and private wealth management services.

Recent M&As in US RIA space

Earlier this month, Wealth Enhancement Group agreed to scoop up Wisconsin-based $320m hybrid RIA Financial Wealth Management.

It followed the acquisition of Walnut Creek, California-based RIA Bedell Frazier Investment Counselling by Kestra Financial-backed Bluespring Wealth Partners.

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

The same month, Merchant Investment Management took a minority equity stake in Massachusetts-based independent wealth advisory business Baldwin Brothers to support its expansion plans.