EP Wealth Advisors, a Torrance-Calif.-based registered investment advisor firm, is expanding its reach into the greater San Francisco area with its acquisition of CPIC International, an investment management firm founded 35 years ago with approximately $110 million in managed assets.
The acquisition, which closed on Oct. 14, is EP Wealth’s second in the Bay Area this year, and its eighth since it took a minority investment from Wealth Partners Capital Group, a financial services holding company, in July 2017. Patrick Goshtigian, EP Wealth Advisors’ president and CEO, lauded CPIC’s “client service, customized offerings and dedication to developing trust” when speaking about the acquisition.
“Our team continues to seek opportunities that will fortify our offerings for clients and extend our geographic reach,” Goshtigian said. “The acquisition will enhance our investment management expertise and build on our momentum in the San Francisco area with a partner who shares our vision.”
Of the seven previous acquisitions undertaken since Wealth Partners’ minority investment, most have been throughout the Golden State, including Lafayette, San Diego, Manhattan Beach and Walnut Creek. EP Wealth’s acquisitions have also extended the firm’s reach beyond the state lines. In 2018, the firm acquired Greenwood Village, Colo.-based firm Rampart Wealth Advisors. This year, the firm acquired Conlon Dart Wealth Management in Seattle, as well as Pathlight Investors, which is located in Phoenix. The firm is a fee-only RIA and has more than $5.9 billion in assets under management.
CPIC co-founder Diane Jakubowski lauded the new partnership, saying EP Wealth had committed to “large-scale investment management resources” including technological tools and resources.
“We strive to serve as the best possible partner to our clients, and we recognized the need to expand our depth to fulfill this commitment,” she said. “The partnership opens doors to new financial planning services for our clients to meet their financial goals.”