Waverly Buys $1.7B RIA in Virginia

Waverly Advisors has purchased a Virginia-based wealth management firm, bolstering the firm’s footprint in the state. 

Richmond, VA-based Heartwood Wealth Advisors, founded in 2013, oversees about $1.7 billion in assets under management and is led by advisors Steve Clarke, Sid Martin, Ben Gurley, and Wes Kaufman. 

The team is supported by nine other back-office team members, who have all transitioned to Waverly following the acquisition. 

The RIA initially launched in 2019 and was previously affiliated with Wells Fargo’s independent Financial Network channel as an independent practice. 

“Heartwood has always been focused on understanding the full picture of our clients’ financial lives and providing thoughtful, highly personal advice,” said Martin. “Joining Waverly allows us to preserve that approach while bringing additional resources and expertise to the families and business owners we serve.” 

Heartwood has chosen BNY’s Pershing to serve as its primary custodian, according to the firm’s Form ADV. 

Specific financial terms of the deal, which closed on September 25, were not disclosed. 

This deal marks the RIA’s 7th acquisition of the year, following its acquisition of Alabama-based InVista Advisors, which joined Waverly on July 24 and oversees about $332 million in assets under management. 

The acquisition also marks Waverly’s 36th deal overall since selling a stake to HGGC’s Aspire Holdings platform. Waverly also sold a stake to private equity investor Wealth Partners Capital Group in December 2021.

Birmingham, AL-based Waverly Advisors, founded in 1999, oversees $36.5 billion in assets as of September 25. 

Pictured: Steve Clarke (Left), Sid Martin (Middle), and Ben Gurley (Right)