Registered investment adviser EP Wealth Advisors has expanded its presence in the San Diego area of California with the acquisition of Donnelly Wealth Advisors (DWA).
DWA is an independent RIA firm that was founded by Richard ‘Rich’ Donnelly in 1997. The firm is known for taking a specialised approach to managing client wealth and providing a comprehensive view of the client’s finances within the context of their larger goals and objectives. Donnelly earned the Registered Life Planner designation which encourages a more holistic approach to planning with a focus on the client’s goals, an approach closely mirrored by EP Wealth. Donnelly will assume the role of Regional Director at EP Wealth.
Two key next-generation financial planners will assume new roles, as well, with Bradley Owen, CFP, serving as Senior Vice President and Senior Wealth Advisor, and Adam Werner, CFP, serving as Vice President and Wealth Advisor. Donnelly, Owen and Werner will all become Partners at EP Wealth.
“DWA is one of the largest and fastest-growing fee-only RIAs in San Diego, and its multi-generational team will provide us with strong organic growth as we continue to enhance EP Wealth’s San Diego presence,” says Patrick Goshtigian, CFA, President and CEO of EP Wealth. “Their team takes a personalised approach to financial life planning and emphasises the individual client relationship. This philosophy aligns closely with our own goals and what our clients expect when working with us.”
“EP Wealth places the client at the forefront, and we built our business using the same approach. This stands out among major RIAs in the industry,” says Donnelly. “Our shared values attracted us to EP Wealth, and we quickly recognised how their in-house expertise could supplement our own to enhance the client experience. Coupled with their additional technology resources and compliance support, we knew this would be a fruitful partnership for our clients.”
This is EP Wealth’s third acquisition in the last 12 months, after acquiring Private Capital Management Associates in San Mateo, California. in June 2017 and Millie Capital Management of Walnut Creek, California earlier this year. Today’s transaction is EP Wealth’s second since taking a minority investment from Wealth Partners Capital Group (WPCG), a financial services holding company, in July 2017.
“The RIA market is evolving and the environment is favourable for firms that can offer clients a wide range of personalised planning services. EP Wealth and DWA’s combined resources and expertise do just that,” says Rich Gill, a partner at WPCG. “EP Wealth has the tools to enable DWA to spend more time serving its clients by providing a scalable back office infrastructure. We believe this partnership will create the leading wealth management offering in San Diego.”
The acquisition, which closed on 30 May 2018, increases EP Wealth’s assets under management by more than USD400 million, and adds more than 300 clients. Financial and legal terms of the deal have not been disclosed.
