Terms of the deal, which was completed December 31, were not disclosed.
Patricia M. Soldano, founder, president and CEO of Cymric, was retained after the merger and serves as chairman of Southern California operations with GenSpring, according to GenSpring spokesman Chuck Kaufman.
Advisor Groups Merge
The Wealth Advisor Institute (WAI) and The Advisors Forum LLC announced the completion of their merger.
The WAI has 500 members, primarily financial advisors. The Advisors Forum has a membership of 500, most of them estate and business planning attorneys. The merger reflects "the importance of multidisciplinary professionals working together as a team when addressing the estate planning needs of clients," the groups said in a press release.
As a result of the merger, The Advisors Forum will serve the membership of the WAI and provide members with all the events, products and services formerly provided by WAI. The Advisors Forum's executive director, Jonathan Mintz, will continue in that role and the WAI board of directors will serve as advisors to The Advisors Forum.
Family Offices Positioned To Preserve Wealth
As investors grapple with a volatile and unstable market, family offices are uniquely positioned to preserve their clients' multi-generational wealth, according to a recent report.
Pitcairn, a Philadelphia-based family office, says in a new white paper that family offices have the ability to integrate financial expertise with trust, estate and philanthropic planning, tax management, family governance, accounting and other services designed to sustain generational wealth.
"Managing, on a very personal level, the sensitive relationship between a family and its wealth is perhaps the key challenge we face growing wealth over a long-term horizon," says Pitcairn Chairman and CEO Dirk Junge.