Waverly Purchases $3B Pennsylvania with Focus on Tax Solutions

Waverly Advisors has acquired the equity of a Pennsylvania-based trust firm, as the RIA aims to bolster its chartered trust service offerings. 

Pittsburgh, PA-based Smithfield Trust Company manages about $3 billion in assets and provides wealth management services, including trust and estate administration, investment management, tax and charitable planning, and estate planning. 

The money management firm, founded in 1996, is a 21-member team, led by CEO and president Elizabeth Poggi and chairman and CIO Timothy Rice. 

As part of the acquisition, Poggi and Rice will join Waverly as co-regional directors, Waverly said. 

Specific terms of the deal, which closed on June 12, were not disclosed. 

“Our investment approach is grounded in customization, discipline and a deep understanding of each client’s complete financial portfolio,” Rice said. “Waverly’s broader investment platform, combined with its highly experienced investment committee, strengthens our ability to create thoughtful, tax-efficient strategies and deliver positive, long-term outcomes for our clients.” 

This deal marks the RIA’s 34th transaction, following its addition of Frederick, MD-based WealthPlans, which oversees about $250 million in assets under management. 

Waverly sold a stake to HGGC’s Aspire Holdings platform in December 2021 and to private equity investor Wealth Partners Capital Group.  

Birmingham, AL-based Waverly Advisors, founded in 1999, oversees $35.5 billion in assets as of May 29 and has more than 460 professionals across 51 offices in the U.S. 

Pictured: Elizabeth Poggi (Left) and Timothy Rice Photo (Right)