Wealthcare Capital Management has acquired Eagle Financial Management Services to expand its presence in the direct advisory market.
Financial terms of the deal were not revealed.
Founded in 2006, Louisiana-based Eagle Financial advises on more than $120m in assets. The acquisition raises Wealthcare’s advisor team headcount to more than 150 advisors and assets under management to $4.75bn.
Wealthcare president Matt Regan said: “We’re thrilled to welcome the Eagle Financial team to the Wealthcare family.
“Eagle Financial’s client-focused and planning-centric approach to wealth management makes them a natural fit for the Wealthcare organisation. I’m excited that we’re expanding further into the direct advisory channel with people who share our passion for client experience. We will continue to seek more firms like Eagle Financial as we expand our direct advisory business and execute our strategic growth plan.”
As agreed, Eagle Financial founder Jack Ditt will continue to lead his team following the transaction.
The deal will enable Eagle Financial clients to benefit from access to Wealthcare’s proprietary goals-based technology platform and its wealth management services offering.
Ditt said: “We were immediately drawn to Wealthcare’s innovative goals-based planning technology platform, GDX360.
“By leveraging Wealthcare’s technology, infrastructure, and broader services capabilities, we are able to focus on clients’ needs and growth, offer them best-of-breed wealth management services, and even attract other top-tier advisors.”
Wealthcare board member Bill Morrissey noted that the deal underscores Wealthcare’s strategic vision and commitment to bolster its wealth servicing offerings in the direct advisory channel.
He added: “This deal further validates that Wealthcare is a long-term partner committed to providing a holistic wealth management solution to all its clients.”