The M&A deal is the second acquisition since Warren Averett sold a majority stake in its asset management subsidiary last November to Wealth Partners Capital Group, a financial services holding company in Palm Beach, Florida, and HGGC, an investment firm in Palo Alto, California (see story). In April, WA Asset Management acquired Clark Financial Advisors, a registered investment advisory firm in Birmingham, Alabama.
BTWM was founded in 2008 as the wealth management division of a different Top 100 Firm, Bennett Thrasher LLP. Under the leadership of managing partner Scott Craig, BTWM has grown to approximately $1 billion in assets under management. The acquisition closed on June 30, and will increase WAAM’s AUM by approximately $1 billion. Financial terms were not disclosed. WAAM manages $4.3 billion in assets as of May 31, 2022, and offers collaborative investment, tax, estate and financial planning services.
BTWM’s entire 14-person team will join WAAM, with Craig assuming the role of regional director, Clay McDaniel becoming chief investment officer of private markets, and Justin Snell becoming chief operating officer.
“WAAM’s philosophy is rooted in its commitment to clients and supporting them through every step of their lives,” said WAAM CEO Josh Reidinger in a statement last week. “We see these same values woven into the culture at BTWM. This acquisition lays the groundwork for further growth in the Southeast and beyond, and we are thrilled to welcome the talented and dedicated BTWM professionals to our team.”
WAAM plans to rename itself and redefine its brand in the months ahead, suggesting it is moving away from its Warren Averett origins, but it may yet retain some of that history.
“WAAM is in a period of rapid growth and we are being thoughtful about how our firm’s mission, values and goals are reflected in our marketplace positioning,” said WAAM president Justin Russell in a statement. “Our goal is to honor our heritage and the valuable partnerships we’ve fostered throughout our history, while simultaneously showcasing our forward-looking momentum.”