Registered investment advisor Waverly Advisors, which manages roughly $6.1 billion in assets, has established a footprint in the Southwest with the acquisition of Silicon Hills Wealth Management, an Austin, TX-based wealth manager with $255 million in assets.

Financial terms of the deal, which closed last Friday, were not disclosed.

Silicon Hills was co-founded by Tom Brown and James Werner in 2013 as a service-oriented wealth management firm. Prior to launching the firm, Werner and Brown were registered with FSC Securities Corporation, an independent broker-dealer that is part of Advisor Group. Brown will now serve as a regional director with Waverly.

“As we continue to expand into new markets beyond the Southeast, we believe Tom and his team are the perfect fit to establish Waverly’s presence in Texas,” said Josh Reidinger, CEO of Waverly. “Silicon Hills brings a fresh perspective to innovation and technology.”

This is the sixth acquisition for Birmingham, AL-based Waverly since an equity investment in December 2021 from Wealth Partners Capital Group and private equity firm HGGC’s Aspire Holdings platform.

Earlier this year, Waverly announced its acquisition of Omni Wealth Advisors, adding $105 million in assets under management.