San Antonio wealth advisory firm Covenant Multifamily Offices has acquired Bridge Wealth Management, LLC, a privately owned wealth management firm based in Tyler, Texas. Bridge Wealth Management will be rebranded as Covenant Wealth Management.
With the acquisition, Covenant adds 126 client relationships representing USD200 million in investable assets, bringing the firm’s total assets under management to USD1.3 billion. The successful deal marks a significant step toward executing Covenant’s strategic vision, which is to expand its footprint in key markets and to make its integrated services available to a broader high net worth investor market.
“The Covenant Wealth Management presence in Tyler heralds a larger, groundbreaking strategic business initiative,” says Covenant Founder and Managing Partner John Eadie. “Most wealth management firms are endeavouring to grow from the ground up, scaling their practices year after year with the goal of one day offering the boutique, high touch family office services reserved for ultra high worth clients. For the Wealth Management brand, we’ve deconstructed our family office service model, effectively making many of the exclusive, family office-oriented investment strategies, technology and personalised client services attainable to high net worth individuals and families.”
Bridge Wealth founder Thomas Smith will continue to head the Tyler practice under the Covenant Wealth Management banner. As Director and Wealth Strategist, Smith’s responsibilities include overseeing all client service, coordinating all efforts to ensure Covenant’s integrated wealth management services are delivered with the highest standards, and working with Covenant’s leadership group to develop and execute strategic growth initiatives of the firm.
“It was a natural fit from a culture perspective,” says Eadie. “As we completed our due diligence process, it was clear that Thomas and his team are champions of professional excellence, integrity and stewardship. These are the same values we hold dear at Covenant, so the decision to bring them on board was relatively easy.”
“I am excited to join the Covenant family and support the firm’s efforts to expand the brand in north and east Texas,” says Smith. “Covenant Wealth Management brings to our market significant enhancements in talent, sophisticated reporting, planning and communications tools, and access to institutional investment solutions. Our clients are simply better served across all disciplines.”