BOK Financial Corporation is to acquire registered investment advisor Weaver Wealth Management whose team and clients will transition to BOK subsidiary The Milestone Group.
Completion of the transaction is expected during the first quarter of 2016, upon regulatory approval. Terms of the transaction were not disclosed.
Weaver Wealth Management is owned by the Texas-based accounting firm, Weaver and Tidwell LLP, the largest independent accounting firm in the Southwest and a top-40 firm in the country. This acquisition will increase BOK Financial’s assets under management and administration by approximately $340 million and expand the company’s wealth management reach in Texas.
Weaver Wealth Management brings to BOK Financial an experienced team with a solid client base of executives and families receiving investment management and wealth management services. It will become part of BOK Financial’s subsidiary, The Milestone Group, which focuses on providing investment management and strategic financial planning services to ultra-high net worth customers.
“The addition of Weaver Wealth Management will allow BOK Financial to further serve our clients’ financial needs in one of the most attractive growth markets we serve,” says Scott Grauer (pictured), executive vice president, Wealth Management at BOK Financial. “Weaver Wealth Management clients will benefit from a broad set of products and services that come with the backing of a $31 billion company like BOK Financial. We benefit by adding the talent and expertise of their team and accelerating the growth opportunities of our business in Texas.”
”Paramount in our decision were the outstanding reputations of BOK Financial and The Milestone Group, as well as their commitment to delivering the highest level of service to our clients,” says John Mackel, managing partner and chief executive officer of Weaver and Tidwell LLP. “Wealth management is the core service area for The Milestone Group. The expertise and first-class-client-service commitments of both teams make this deal a great fit. We’re confident that our clients and our team members will be well taken care of, which was our top priority in this transaction.”
Managing director for Weaver Wealth Management, David Sego, will maintain his leadership role and report directly to Eric Koeplin, president of The Milestone Group. Existing Weaver Wealth Management clients will continue to be served by their same team of advisors and support personnel.
