Mike Mattise and two partners are buying out Radnor Financial Advisors’ founder and CEO Edd Hyde, the firm announced. The RIA, which manages $1.25 billion for about 300 clients in Radnor, Pa., will look to expand its shareholder base to other professionals on its staff over the next few years.
Founded in September 1989, Radnor Financial has carved out a strong position among middle-class millionaires in the affluent Philadelphia suburbs. The firm specializes in wealth management service, particularly financial planning and executive compensation.
Mattise, who has been a shareholder for 20 years, is also president and chief investment officer. The other current shareholders are Carl Rosenfeld, senior vice president and director of operations, and Stephanie Vermillion, senior vice president and chief compliance officer. Both have been shareholders for some time.
“Edd will remain [with the firm] but in a more limited way,” Mattise said. “He will be doing less running the business, but he’ll still be working with clients.”
The transaction was financed by Dallas-based Fiduciary Network.