Edelman Financial Engines, an independent financial planning firm that was created through the combination of Edelman Financial Services and Financial Engines, has acquired Viridian Advisors, a Bothell, Wash.–based financial and tax planning RIA with $846 million in assets across more than 800 clients. The deal represents Edelman's first RIA acquisition since the merger.
The deal is expected to close in the second quarter, according to the company. Further details of the transaction were not disclosed.
Employee-owned Viridian provides financial planning, investment management, and tax planning and preparation services. The tax services will be a new addition to Edelman.
“Through this acquisition, we are adding depth to our team of financial planners,” said Jason Van de Loo, executive vice president and head of retail at Edelman, in a statement. “This broader offering will appeal to new clients, deepen relationships with existing clients and attract the best planner talent to Edelman Financial Engines.”
Viridian CEO Adriel Tam, who will join as head of Edelman’s tax practice, said the acquisition helps scale its tax practice nationwide. Edelman manages $270 billion in client assets for its 1.3 million clients.
Larry Raffone, president and CEO of Edelman, told WealthManagement.com in March it was looking to use capital from Warburg Pincus’ investment to increase the number of advisors it has through recruiting and acquisitions. Raffone also said the firm planned to develop its technology and retirement plan business.
Tam and Marcus Dusenbury founded Viridian in 2009 after departing UBS Financial Services for LPL Financial. In 2017, Viridian acquired Appropriate Balance Financial Services, another Seattle firm led by Bruce Yates and Bob Pennell, doubling its number of accounts and AUM. Tam, Dusenbury, Yates and Pennel had co-owned Viridian since then.