Birmingham financial firm makes Jax acquisition (Courtesy of the Jacksonville Business Journal) — A Birmingham, Alabama-based wealth management firm recently expanded into Jacksonville.
Waverly Advisors LLC acquired a registered investment adviser (RIA) known as River Capital Advisors LC in Jacksonville, according to a statement
The deal closed July 19, and financial details were not disclosed. It’s the firm’s first addition in Jacksonville.
It increases Waverly’s assets under management to $12.5 billion. Waverly also recently acquired Derbend Asset Management in the Atlanta area May 17.
“Joining Waverly means we are now able to utilize a stronger infrastructure and provide even greater resources to our clients,” River Capital President Robert Simon said.
River Capital was founded in 1998 as a subsidiary of the CPA firm Smoak Davis & Nixon LLP. It specializes in investment management, financial planning and wealth management for high-net-worth individuals, corporate retirement plans and institutional clients.
River Capital is Waverly’s fifth location in Florida. Its other locations in Florida include offices in Pensacola, St. Petersburg, Tampa and Lakeland. Waverly has a team of three wealth advisers, one financial planner and one client service associate in Jacksonville.
“Rob and his team are a dynamic group, hungry to grow and dedicated to their clients’ financial well-being,” Waverly President Justin Russell said.
Waverly now has 21 offices and a team of more than 170 professionals.
“Waverly continues to enter new and thriving markets across the U.S.,” Wealth Partners Capital Group (WPCG) Principal Mac Selverian said. Waverly accepted an equity investment from WPCG in 2021.
In other recent Wavery news, the company acquired two affiliated firms in Jackson, Mississippi in March and McShane Partners in Charlotte in April.