Edelman Financial Engines Buys $500M Massachusetts RIA

Edelman Financial Engines, a $245 billion independent wealth planning and investment advisory firm, announced the acquisition of PRW Wealth Management, a Quincy, MA-based registered investment advisor with more than $500 million in assets under management.

Specific terms of the deal were not disclosed.

This is the fifth acquisition by Santa Clara, CA-based EFE over the past 13 months and continues the expansion of the firm’s wealth planning capabilities across key regions nationwide, according to the firm, adding that it expects M&A momentum to pick up in the quarters ahead.

PRW, co-founded by Rick Renwick and Bill Payne, focuses on strategic planning, investment management and the transfer of wealth. The firm has about 200 clients, including individuals, families, endowments and foundations, and business owners.

“With this acquisition, we can better serve clients in the greater Boston area, as well as nationwide, who may have more complex wealth management needs that require the right expertise to address their challenges and opportunities while also providing them with a well-defined roadmap to achieve their goals,” said Suzanne van Staveren, EVP, CFO and COO of Edelman Financial Engines.

The transaction follows EFE’s acquisitions of Align Wealth Management in 2023, Erman Retirement Advisory, Herrmann & Cooke and Smart Investor in 2022 and Viridian Advisors in 2021.