Wealth and investment management firm XML Financial Group have wrapped up its previously announced merger with Pennsylvania-management Samson Wealth Management Group.
Financial terms of the transaction, which was closed on 1 July, were not disclosed.
The deal is expected to help both firms broaden their technology and operational support systems and expand client resources.
Under the agreement, Samson Wealth Management Group founder Mark Samson will join XML’s leadership team. Both firms are part of the Focus Financial Partners family of wealth advisors.
XML and its affiliated broker-dealer, XML Securities, oversee approximately $3bn in client assets. The Samson team adds approximately $644m in client assets to the firm.
Commenting on the deal, Samson added: “We are thrilled to join forces with XML and provide our clients with expanded wealth and investment management services to help them navigate complex financial situations and achieve their dreams.
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“Our team is excited to get started and forge new opportunities for our clients as part of the XML family.”
Rockville-headquartered XML provides a spectrum of wealth and investment management offerings to high-net-worth individuals, businesses and families through its offices in Maryland, Virginia and Colorado.
With the latest deal, the firm will expand its footprint to Pennsylvania.
XML co-founder and CEO Brett Bernstein said: “We’re always focused on offering new resources to our clients to help them achieve their personal and financial goals.
“This merger will boost our operations and advisor team so we can continue providing our valued clients across the Mid-Atlantic region with the kind of high-touch services they deserve.”