EP Wealth Advisors, a growing California-based registered investment advisor, has made a move on the East Coast with the acquisition of Westwood, Mass.–based Minot Wealth Management. The firm announced this week that the addition will also enhance its capabilities for ultra-high-net-worth clients.
Led by managing directors Brian Mulvey, Patrick Donovan and William “Bill” Corcoran, who have more than 50 years of combined experience at firms such as UBS, JP Morgan and Charles Schwab, Minot is a fee-only RIA specializing in financial and estate planning and portfolio management. The firm has grown organically to about $1.1 billion in assets under management since it was founded in spring 2019. All three Minot leaders have assumed the role of managing director/partner at EP, and all staff members also joined the EP team.
“Our objectives continue to be centered on organic growth in our existing regions and aligning with like-minded RIAs and teams who share our values and client-first perspective,” EP CEO Patrick Goshtigian said in the announcement, noting that the addition represents a “truly national expansion” of the firm. “Minot Wealth Management shares our client-centric focus and commitment,” he told WealthManagement.com. “Their strong ultra-high-net-worth offering will be valuable as we continue to expand on the services we provide our clients.”
“In any potential acquisition, I spend a majority of my time getting to know the people and, with Minot as our first step to the East Coast, the people part is even more important,” said EP co-founder and Managing Director Brian Parker, who was the keynote speaker at last week’s DeVoe & Company M&A+ Succession Summit in Chicago, and has positioned his firm as an integrator with a single brand and culture since it was founded in 2004.
“We always look for alignment on vision that the client is the center of the relationship, and our job is to serve and help families make wise financial decisions,” he said. “I said that at the conference, and with Minot that is definitely the case. We’re able to provide them with the resources to do that for more people, and that’s a win-win. Additionally, shared goals related to the offering are important. With Minot, they have the capability and approach to be a part of EP, further building our offering for UHNW and we have significant resources in place to help them grow, so all aspects of the deal make a lot of sense.”
“Joining a larger firm that provides significant additional financial planning, tax, legal and technology resources is the best choice we could make for our clients and our future,” said Corcoran. “We are excited about the benefits this new partnership will bring, providing our advisors with access to more tools than ever before as they deliver results on behalf of our clients.”
Backed by Berkshire Partners, a private equity firm in Boston, the acquisition marks EP’s 24th deal in five years.
Since taking a minority investment from Wealth Partners Capital Group in July 2017, EP has partnered with firms in California, Washington, Colorado, Arizona, Illinois, Texas, Utah and, now, Massachusetts. Earlier this year, the firm announced the acquisitions of Vantage Advisors (St. George, Utah), Klein Financial Advisors (Newport Beach, Calif.) and Coulston Financial Services (San Francisco Bay Area). The firm manages around $15 billion in client assets.
“EP and Minot are a strong fit,” said Nick Trepp, principal at WPCG. “As rapid consolidation in the RIA space continues, it is exciting to see EP cultivate partnerships with firms like Minot that share a client-focused approach while continuing to expand its national presence and adding important expertise.”
“We plan to continue our expansion nationally with like-minded firms,” said Goshtigian. “As always, we keep our focus on finding the best advisors who align with our values. It’s more about the people than the place.”
The acquisition closed on Sept. 23, 2022. Financial and legal terms of the deal were not disclosed.