Waverly Advisors Acquires StrategIQ Financial Group
Waverly Advisors, LLC (Waverly), a leading registered investment advisor (RIA), has completed its acquisition of the investment advisory business assets of StrategIQ Financial Group, LLC (StrategIQ), marking Waverly’s largest transaction to date. This strategic partnership, valued at $1.5 billion, bolsters Waverly’s assets under management (AUM) and expands its presence with new offices in Illinois and Indiana.
Headquartered in Birmingham, Alabama, Waverly provides investment management, financial planning, and wealth management solutions for high-net-worth individuals, corporate retirement plans, and institutional clients. The firm’s recent focus on mergers and acquisitions has propelled its growth, and the acquisition of StrategIQ further solidifies its position in the industry.
StrategIQ, founded in 1996 by CEO Chad Hassinger and three other advisors, sought to revolutionize wealth management by offering a holistic approach to investment advice and financial planning. With over 25 years of experience, StrategIQ’s team members will continue driving innovation in the wealth management industry as part of Waverly. The addition of StrategIQ’s team, comprised of over 20 advisors, client service associates, investment analysts, and operations professionals, makes it the largest RIA to join Waverly so far.
Chad Hassinger expressed his excitement about the partnership, stating, To help grow our organization, gain access to new markets, and expand on the wealth of services we provide, we wanted a partner that shares our values, and we found that in Waverly.
Waverly’s CEO, Josh Reidinger, echoed Hassinger’s sentiments, highlighting the firm’s commitment to building a world-class, integrated firm focused on its culture and clients. Reidinger stated, The StrategIQ team aligns with that vision, and we are thrilled to have them join the Waverly family.
The acquisition of StrategIQ marks Waverly’s eleventh transaction since accepting an equity investment from Wealth Partners Capital Group (WPCG) and HGGC’s Aspire Holdings platform in December 2021. The deal closed on January 1, 2024, bringing Waverly’s total AUM to approximately $9.8 billion.
Commenting on the milestone, Mac Selverian, WPCG Principal, said, Waverly’s partnership with StrategIQ represents a substantial milestone as it approaches the $10 billion AUM threshold. 2023 has been a particularly successful year for Waverly, and we start 2024 with this outstanding partnership.
The financial and legal terms of the acquisition were not disclosed.
Waverly Advisors, founded in 1999, operates eighteen offices across the United States, housing over 130 professionals with industry-leading credentials. The firm’s collaborative approach to investment, tax, estate, and financial planning services has attracted a diverse client base, including high-net-worth individuals, families, corporate retirement plans, trusts, and endowments.
Wealth Partners Capital Group (WPCG) is a financial services holding company that invests in and partners with leading wealth management firms. By identifying like-minded registered investment advisers and financial advisors, WPCG offers expanded business capabilities, strategic growth opportunities, and customized transition solutions.
HGGC, a leading middle-market investment firm based in Palo Alto, California, with over $6.9 billion in cumulative capital commitments, focuses on partnerships with management teams, founders, and sponsors. HGGC’s Aspire Holdings platform targets investments in registered investment advisers (RIAs) and aims to deploy $300 million into the space.
In summary, Waverly Advisors’ acquisition of StrategIQ Financial Group represents a significant milestone in the firm’s growth strategy. This partnership expands Waverly’s AUM, strengthens its geographic footprint with new offices, and brings onboard a highly experienced team dedicated to providing exceptional wealth management services.
