RWA Wealth Partners has acquired a California-based independent registered investment advisor, which oversees $344 million in assets under management, bolstering the firm’s Bay Area presence. 

San Francisco-based Moirai Wealth Management, founded in 2000 by Karen Schmid, provides “tailored” wealth management, retirement planning, tax and estate planning, investment management, and family-office services to high-net-worth and ultra-high-net-worth individuals and families, per the firm’s website. 

Following the acquisition, Schmid will assume the role of managing director of family office, based in San Francisco, an RWA Wealth Partners spokesperson confirmed to Connect Money. 

The team also includes director of family office administration Aloe Driscoll, and trading operations associate Anna-Beth Athey. The team is also supported by client administrator Annika Talvensaari. 

The deal, which closed on August 15, marks Newton, MA-based RWA Wealth Partners’ first acquisition since 2023. The $18 billion women-led RIA was formed that same year following the merger of Adviser Investments, Ropes Wealth Advisors, and Polaris Wealth Advisory Group.  

Following the addition, it boosts RWA Wealth Partners’ presence on the West Coast, which currently has two offices and 14 employees in California. The firm anticipates launching an office in downtown San Francisco in the coming months, RWA Wealth Partners said. 

“We are both aligned strongly in our values and in our dedication to providing a high-touch client experience,” Michelle Knight, CEO of RWA Wealth Partners, said. “Karen has built an outstanding firm over the past 25 years, and we are excited to welcome her and her team to our expanding Family Office division.” 

As a result of the merger in November 2023, Adviser Investments rebranded to RWA Wealth Partners and has offices located in Boston, Chicago, Newton, MA, Traverse City, MI, Costa Mesa, CA, and the San Francisco Bay Area, the firm said.