Edelman Financial Engines today announced that it has acquired Viridian Advisors, a Washington State-based independent, 100% employee-owned firm that manages over $846 million for more than 800 clients, according to a news release.
The transaction is expected to close in the second quarter of 2021, the release said.
The Bothell, Wash.-based firm, with clients across the U.S. and overseas, provides comprehensive financial planning, investment management, and tax planning and preparation services to individuals, families, and businesses, the release noted.
With the acquisition of Viridian, Edelman Financial Engines expands its offering by adding a team of CPAs, financial advisors, and client service associates to its nationwide network to provide clients with bundled financial planning, investment management, and tax planning services, the release noted.
Larry Raffone, president and CEO, Edelman Financial Engines, said the addition of Viridian marks the beginning of a new chapter of growth for the firm and its clients. “Through our mergers and acquisitions over the last five years, we have thoughtfully built a unique RIA and planning platform that delivers high-quality and high-touch personalized financial help to our nearly 1.3 million clients today," he said in a statement.
Jason Van de Loo, executive vice president and head of retail at Edelman Financial Engines, said gaining a successful tax practice adds depth to their financial planning team who is committed to delivering a top-notch client experience. “This broader offering will appeal to new clients, deepen relationships with existing clients and attract the best planner talent to Edelman Financial Engines,” he said.
Viridian CEO Adriel Tam, who will join Edelman Financial Engines as head of its tax practice, said he is proud of Viridian’s accomplishments, “and am excited about the opportunity to achieve my vision and develop a distinctive tax practice platform on a nationwide scale as part of the No.1 independent RIA in the industry.”
Headquartered in Sunnyvale, Calif., Edelman Financial Engines is one of the nation’s top independent financial planning and investment advisor with 150-plus offices across the country. It has 1.3 million clients, including a giant 401(k) platform, and manages more than $270 billion in assets.