EP Wealth Advisors has picked up 22 team members and close to $1.2 billion in managed assets with the acquisition of Wacker Wealth Partners in San Luis Obispo, Calif.
Led by former CEO Ryan Caldwell, EP’s new regional director for Central California, and former President and COO Bryan Krill, who is stepping into the role of associate regional director, the Wacker team serves 700 households and 27 institutional clients representing an “array of industries.”
“We were in Northern California and in Southern California, but we thought it would sure be nice to have a presence on the central coast,” said EP co-founder Brian Parker, noting that both he and co-founder Derek Holman went to college in the area.
“To be honest, there's not a lot of firms there, so we feel so fortunate to have found the Wacker team,” he added. “One of the initial attractions was just meeting the team and understanding they look at the world in a similar way to us—as fiduciaries, which is something we hold closely. If you look at how they were founded and how they serve clients, they’re very similar to EP.”
Created in 1988, Wacker Wealth has always been a fee-only firm. Founder Bob Wacker passed away in February, three weeks shy of his 75th birthday, but he was closely involved in the negotiation process and endorsed the sale to EP. Access to an expanded menu of service capabilities available through the larger firm was a key motivator.
“Partnering with EP allows us to continue serving this growing area with the same focus and commitment we have for decades while providing the support and capabilities—a large team of specialized professionals in planning, investment, technology, compliance and more—of a national RIA,” said Caldwell.
“We look forward to tapping into EP’s expanded resources to enhance our service to current and future clients, including tax and estate planning,” added Krill. “Having the capabilities of a firm of this size will give our advisors and staff more tools and support as we continue to grow.”
The deal is the second announced by EP in 2024, following the acquisition of a two-person team in southwest Utah managing $188 million for about 200 clients.
It is the 31st since selling a minority piece to Wealth Partners Capital Group in 2017. Celebrating its 24th anniversary this year, EP Wealth manages more than $22 billion for more than 12,500 households and nearly 600 institutional clients.
“I don’t think our pipeline has ever been more robust than it is now,” Parker said, pointing out that the focus is on finding the right people and geographical considerations are secondary. “We're looking for firms that look at the world in the same way we do, which is client-first, planning-first, trying to add services and being that family office for all.”