Forum Financial Management LLC and Pinnacle Wealth Management concluded a merger today, forming a wealth management firm with more than $500 million in assets under management.
Forum Financial announced that the merged operation will carry the Forum Financial Management name and that the founders of Forum Financial and Pinnacle Wealth, Norm Mindel and Alan Hambourger respectively, will serve as co-managing partners.
Financial details of the merger were not disclosed.
The combined firm will have offices in Lombard, Ill., and Richmond, Va.-where Forum Financial maintained offices before the merger-and Skokie, Ill., the location of Pinnacle's former office. The offices will be staffed by a total of 12 investment professionals, according to Forum Financial.
Before the merger, the assets under management of Forum Financial and Pinnacle were $350 million and $170 million, respectively.
The firm said its specialties now include portfolio design, college and retirement savings plans, tax and estate planning, insurance needs analysis and retirement income strategies.
"Our firms share a culture of providing customized solutions that fit the needs of each of our clients," said Mindel, co-founder of Forum Financial. "Working together, we can continue to offer effective, value-added services."