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Edelman Financial Engines

Edelman Financial Engines Picks Up PRW Wealth Management

Now at $245 billion in AUM, Edelman expects to increase M&A momentum in 2024.

Edelman Financial Engines, with more than $245 billion in assets under management, has completed its fifth acquisition in 13 months with the addition of PRW Wealth Management in the greater Boston area.  

Located about 20 minutes off the Atlantic coast in Quincy, Mass., PRW manages more than $500 million for approximately 200 clients—including individuals, families, business owners, endowments and foundations. Bill Payne and Rick Renwick founded the firm in 2010 and registered with the U.S. Securities and Exchange Commission in 2016.

“Joining Edelman Financial Engines provides us with a depth of additional resources and the ability to maintain the feeling of a multi-family office,” Renwick said in a statement. “We look forward to delivering cost-effective and tax-efficient customized portfolios built upon the investment philosophy of Nobel Prize-winner and Edelman Financial Engines co-founder Dr. William F. Sharpe.”

“Edelman Financial Engines has a tremendous reputation, and their continued recognition from industry peers is a testament to their excellence and leadership,” added Payne.

Edelman Financial Engines was created in 2018 when majority owner Hellman & Friedman merged Edelman Financial Services, Ric Edelman’s $21.7 billion AUM registered investment advisory firm, with Financial Engines, a tech-focused corporate retirement plan advisor with $169 billion in managed assets, in a deal that valued the combined entity at $4.5 billion.

Since Edelman stepped away a little more than two years ago, the company has completed a handful of acquisitions, including adding Align Wealth Management earlier this year, Erman Retirement Advisory, Herrmann & Cooke and Smart Investor in 2022, and Viridian Advisors in 2021.

After bringing in CEO Jay Shah to succeed Larry Raffone and lead acquisition strategy this summer, company executives indicated there will be more activity in the coming year as the firm continues to expand into “key regions.”

“Edelman Financial Engines continues to be an important acquirer within the financial advisory industry,” said Dan Seivert, CEO at Echelon Partners, the investment bank that advised PRW on the transaction.

“With this acquisition, we can better serve clients in the greater Boston area, as well as nationwide, who may have more complex wealth management needs that require the right expertise,” said Suzanne van Staveren, EVP, CFO and COO at Edelman Financial Engines.  

Based in Santa Clara, Calif., Edelman Financial Engines presently serves some 1.3 million clients from 145 offices nationwide.

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