RIA Wealthcare Advisory Acquires Sommers Financial Management

Registered investment advisor (RIA) Wealthcare Advisory Partners LLC, a NewSpring Holdings platform company, has acquired Sommers Financial Management.

This is the third RIA acquisition for the West Chester, PA-based firm that manages $5bn in assets in the past six months and expands the company’s presence in the direct advisory market.

Led by founder Adam Sommers in 2002, Sommers Financial has advisors in Scappoose, Oregon, and Tucson, Arizona, and advises about 400 clients on more than $100mn in assets.

Sommers Financial’s planning and investing strategies are expected to be enhanced through their access to Wealthcare’s proprietary goals-based technology platform and its broader wealth management services offering.

Wealthcare comprises two RIAs, Wealthcare Advisory Partners LLC and Wealthcare Capital Management LLC.

The RIA recently acquired Eagle Financial Management Services in Shreveport, LA., with $120 million in client assets, followed in the fall by Fellows Financial Group in Leesburg, VA., with $100 million in assets.