Greenspring Advisors Merges with Wealthstream Advisors to Create $10B Firm
RIAs Greenspring Advisors and Wealthstream Advisors have merged in an all-stock transaction to launch an employee-owned firm, with over $10 billion in assets under management.
The merger, which closed on October 1, will combine the two companies, where they will continue to operate as Greenspring Advisors across Greenspring’s existing offices located inMaryland, New Jersey, New York, and Pennsylvania. Meanwhile, Wealthstream’s team will now have offices in New Jersey and Pennsylvania.
The new entity includes about 70 employees, and the firm disclosed that 23 employees currently own equity in the company, and the firm does plan to expand that figure.
Following the merger, Greenspring Advisors is focusing on two projects, stemming from the “desire of both organizations to remain 100% employee-owned,” Pat Collins, CEO and co-founder of Greenspring Advisors, said to Connect Money.
The new firm advises on $4.3 billion in private client assets and $6 billion in institutional assets, providing “comprehensive” financial planning, investment management, and retirement plan consulting to clients, families, and retirement plan sponsors.
As part of the deal, Michael Goodman, founder of Wealthstream Advisors, will join Greenspring as president and chief strategy officer. Meanwhile, Collins will continue serving in hisrespective executive roles, Collins said.
“Collectively, they have completed six mergers, driving meaningful improvement for clients, team members, and shareholders,” Dan Seivert, CEO & managing partner of Echelon Partners, said. “Their combination unlocks scale, deepens capabilities, and positions the combined firm for long-term success.”
New York City-based Wealthstream Advisors provides financial planning, portfolio management, retirement planning, and pension assistance across 2,122 accounts, according to its latest Form ADV filed in March.
Maryland-based Greenspring Advisors specializes in providing wealth management and financial advisory services for retirement plan sponsors and institutions, across 4,764 accounts, according to the firm’s latest Form ADV filed in June.