Waverly Acquires $3.1B Louisiana RIA

Waverly Advisors has acquired a Louisiana-based wealth management firm, which oversees about $3.1 billion in assets under management. 

TruWealth Advisors, founded in 2020 by Chuck Simmons, provides wealth management services to high-net-worth clients across New Orleans and has offices in Mandeville and Metairie, Louisiana. 

TruWealth Advisors also includes CCO and general manager Jim Parrie and is supported by 31 financial professionals. 

As part of the acquisition, which closed on April 24, Simmons will join Waverly as a partner and wealth advisor, and Parrie will join as a partner and regional director, the RIA said. 

“TruWealth’s core business model was built on the belief that financial advice should always be centered on clients’ best interests,” Simmons said. “Joining Waverly allows us to keep that commitment while providing clients with enhanced resources, broader planning capabilities and access to an expanded team dedicated to their long-term financial success.” 

The acquisition of TruWealth marks Waverly’s 32nd transaction, following its addition of Seahurst, WA-based McBride Financial Advisors in March. 

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

Birmingham, AL-based Waverly Advisors, founded in 1999, oversees $34.2 billion in assets as of April 24, and has more than 420 professionals working out of 47 offices across the United States.

Pictured: Chuck Simmons