The takeover of BT Wealth Management by WA Asset Management

The takeover of BT Wealth Management by WA Asset Management

The takeover of BT Wealth Management by WA Asset Management

$ 1 billion AUM The recently launched Southeastern company has gained ready for a rebranding as an Atlanta RIA joins WA Wealth Management.

BT Wealth Management, an Atlanta-based RIA including around $1 billion in assets under management, has indeed been purchased by WA Asset Management, a fee-only registered investment advisory organisation with a concentration on wooing credentialed professionals. 

Bennett Thrasher’s wealth management business BTWM was established in 1988 under the supervision of managing partner Scott Craig that this whole 14-person team would attend WAAM, where Craig will also be responsible for the operations director. Par, partnership chief Investment Officer Clay McDaniel will serve as the private market’s CIO. In contrast, Chief Operating Officer and Chief Compliance Officer Justin Snell will take over as the COO at WAAM.

On May 31st, 2022, WAAM, which would have been established in 1999, was in charge of $4.3 total assets of us$. WAAM benefits technology individuals and families, organizational retirement plans, trusts, foundations, and institutions with its 45-person staff, including many who possess professional certifications, and its five offices throughout the Southeast.

In collaborating with WAAM, Craig claimed that “we were strategic and thoughtful.” We eventually noticed that our cultures approximate one another and that our skill sets complement one another to an uncommon extent in this profession. We concluded that working together would empower us to accomplish much more. Considering that they already sprang from respectable CPA companies, WAAM and BTWM have similar histories. We can introduce additional employment options for our staff and improve the client experience that provides our capabilities. 

Thus according to WAAM CEO Josh Reidinger, the acquisition “lays the foundation for unsustainable rates in the Southeast and even beyond” due to the obvious confluence of the different companies’ organisational ethics and philosophies.

Nevertheless, they should not use the current WA Asset Management branding for such expansion. A renaming and rebranding of WAAM have been announced over the coming weeks and months. 

“WAAM is going through a process of a huge expansion while we’re being deliberate about how our company’s current mission, principles, and aspirations are represented in our competitive positioning,” stated WAAM President Justin Russell. “Our objective is to understand our history and the important alliances we have forged over our history, even while showcasing our forward-moving dynamism.”

This latest acquisition is just the second since intermediate private equity companies Wealth Partners Capital Group (which bought a controlling share) and HGGC injected capital into the company last December, after the acquisition of Clark Financial Advisors in WAAM’s hometown in April (through its Aspire Holdings platform). And according to the release, the BTWM acquisition offers strategic locations in Georgia and “will develop partnerships that complement the firm’s ongoing organically and M&A-focused corporate strategy, notably about investment management businesses with such a CPA-orientation.”

“WAAM’s partnership psychological means RIAs with CPA affiliations to pursue their success and achievements and expanded customer support while remaining to use their CPA relationship,” stated Wealth Partners Principal Mac Severian. This purchase “further demonstrates the power of WAAM’s particular development strategy and advances the collective team toward exciting brand metamorphosis.” 

On June 30, 2022, the transaction was concluded. They won’t accept the deal’s legal and accounting information publicly.

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