Waverly Advisors, LLC (âWaverlyâ), a federally registered investment adviser (âRIAâ) that specializes in investment management, financial planning and wealth management solutions for a diverse group of high-net-worth individuals, corporate retirement plans and institutional clients, has acquired River Capital Advisors, L.C. (âRiver Capitalâ), an investment advisory business based in Jacksonville, Florida.
River Capital was founded in 1998 as a subsidiary of Smoak, Davis & Nixon, LLP, one of the Southeastâs oldest and most respected CPA firms. Located in Floridaâs largest city, the River Capital team, led by Robert Simon, brings significant growth potential to Waverly.
âRob and his team are a dynamic group, hungry to grow and dedicated to their clientsâ financial well-being,â said Justin Russell, President of Waverly. âWe are thrilled to welcome them to the Waverly family.â
âRiver Capital was established out of the desire to help clients with all aspects of their financial lives,â said Robert Simon, President of River Capital. âJoining Waverly means we are now able to utilize a stronger infrastructure and provide even greater resources to our clients.â
The acquisition of River Capital marks Waverlyâs 15th transaction since accepting an equity investment in December 2021 from Wealth Partners Capital Group (âWPCGâ) and HGGCâs Aspire Holdings platform. The transaction closed on July 19, 2024, and increases Waverlyâs AUM to approximately $12.5 billion.
âWaverly continues to enter new and thriving markets across the U.S.,â said Mac Selverian, WPCG Principal. âPartnering with like-minded RIAs that share Waverlyâs cultural values adds to the success of the firmâs M&A strategy.â
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