EP Wealth, the Torrance, Calif.-based registered investment advisor with over $32.6 billion in client assets, has expanded into Boise, Idaho, by adding RIA Buffington Mohr McNeal.
BMM is a fee-only RIA founded in 1998 by Dean Buffington, Bruce Mohr and Carey McNeal. The firm has grown to $900 million in assets under management and 11 employees, all of whom will move to EP Wealth, including McNeal and Mohr. Buffington had passed away in 2020 after “leaving a lasting imprint on the Boise community,” according to the announcement.
“As we remember Dean Buffington, our partnership with EP Wealth preserves his legacy as a fiduciary, and he would be delighted,” McNeal said in a statement. “Our community put their trust in the firm that we created with Dean 27 years ago, making it a priority to continue serving them in a larger capacity.”
The firm said BMM moved partly to gain access to EP Wealth’s tools and back-office services so advisors can focus on clients.
EP Wealth CEO Ryan Parker said the firm was introduced to BMM through its M&A consultant, Hue Partners, and quickly saw a fit.
“From first blush, it was very clear that Carey and Bruce care deeply about their clients and are an integral part of the community,” said Parker, who made two trips during the courting process to meet with the firm. “We found a kinship with who they are and how they are continually upping their game to bring more service and clients to their offerings.”
Parker said EP Wealth’s M&A strategy, which has already closed six deals this year, including BMM, is focused on talent and people. However, the teams they identify are often in faster-growing metropolitan areas that “lend themselves to the entrepreneurial boutiques.”
“To build an almost $1 billion firm in Boise is a serious achievement and shows that they are leaders in the market,” Parker said.
He said EP Wealth will look to grow from that base organically and through tuck-in acquisitions, as it makes sense, as they do with all their hub locations. He pointed to Salt Lake City, where EP Wealth acquired a $1.2 billion firm at the end of 2020, and now has advisors overseeing $4 billion in assets.
“We’re not just trying to put a lot of pins in the map, but have a coherent strategy,” he said.
Parker also confirmed that EP Wealth is seeking a new minority investment partner. In 2017, the firm received initial minority funding from Wealth Partners Capital Group and, in 2020, an investment from Berkshire Partners, which remains an investor.
Parker said EP Wealth can potentially use additional capital not just for M&A, but for projects that bolster organic growth and technology.
“I don’t think about capital as fueling M&A growth,” he said. “The capital helps us to maintain a healthy, long-term profile and keeps our advisors here happy and growing.”
He said the deal may also work as a liquidity event for some advisors who may be older and ready to sell their position. He said talks will be taking place this year with interested investors.
“We feel fortunate that there is interest in our business,” he said. “The fiduciary model is the right model to serve clients, and we feel that we are building something of substance and something that is designed to be here permanently.”
Citywire initially reported on EP Wealth’s interest in a capital raise.
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