California-based EP Wealth Advisors announced that it has closed on a second East Coast acquisition, and its first in Pennsylvania.
The addition of Warren Financial Services & Associates, in the greater Philadelphia area, adds around $274 million in client assets to the growing integrator of registered investment advisors, which now oversees more than $15 billion through 18 offices in nine states.
“We are excited to partner with the Warren Financial team and bring our services to the Greater Philadelphia Area,” EP CEO Patrick Goshtigian said in a welcome to the incoming firm.
Warren Financial provides financial planning, investment management and tax and estate planning to high-net-worth individuals and business owners. The firm is led by founder and Chief Compliance Officer Randall Warren, who will assume the role of senior VP/partner at EP Wealth. Four advisors and four support team members will also join EP.
“The additional depth and breadth of resources and services will allow us to focus on and enhance our client services and broaden our reach,” Warren said in a statement. “We look forward to a bright future as part of the EP Wealth team.”
The transaction closed on Nov. 29, just a month after EP acquired its first East Coast location in the greater Boston area. Details were not disclosed,
Warren marks EP’s 25th acquisition in five years. Since taking a minority investment from Wealth Partners Capital Group in 2017, EP Wealth has partnered with firms in California, Washington, Colorado, Arizona, Illinois, Texas, Utah, Massachusetts and now Pennsylvania. A minority investment by Berkshire Partners in 2020 added renewed momentum to the firm’s ambitious plans for continued growth.
“Our ongoing goal is to build a nationwide firm made up of like-minded entrepreneurs focused on serving clients and sustainable growth,” EP President Ryan Parker said, noting that the firm's "full" pipeline includes M&A targets in established regions as well as new markets. “We expect to add more firms on the East Coast in the next few months.”
