Edelman Financial Acquires $453M Soundmark
Edelman Financial Engines (EFE) acquired Kirkland, WA-based Soundmark Wealth Management, an investment advisory firm with more than $453 million in assets serving over 250 households.
Bill Schultheis launched Soundmark Wealth Management in 2008, and EFE is acquiring it to extend individual and small business financial planning services in the Pacific Northwest. The acquisition, EFE’s first of 2024, follows its largest asset acquisition in December with New England Pension Plan Systems, a wealth and retirement planning firm with $1.5 billion in assets under management.
EFE, a Santa Clara, CA-based provider of managed accounts in retirement plans with more than $270 billion in assets under management, is expanding its financial planner capacity nationally, stating that it will “continue conversations with more potential partners throughout the remainder of the year.”
“Growth through acquisition is important to our strategy, and we look forward to adding more exceptional teams like Soundmark that share our commitment to clients, value the resources that the top RIA in the industry provides and want to be part of building a modern wealth planning experience,” said Jay Shah, CEO at EFE.