Efficient Advisors (EA), a registered investment advisor headquartered in Philadelphia, has acquired Evidence Based Advisors (EBA), a Cincinnati-based investment advisor platform that brings approximately $500 million in client assets to the deal, according to a news release.

The newly-merged firms, operating under the name of Efficient Advisors LLC, have a combined total $1.6 billion in assets under management (AUM). Together, they will offer investment management and a full-service back office to more than 200 advisors with 5,000 clients and over 10,000 client accounts.

Under terms of the transaction, EBA senior leadership will join the EA management team. EBA's Steven Miller, chief executive officer; Sabrina Williams, chief operating officer; and Alex Rodriguez, vice president, will continue to serve in their respective positions at the combined firm.

Zack Shepard, EA chief revenue officer, said in the news release that the merger was an easy decision for both firms to make."We both know each other very well. In fact, the relationship of key individuals predates the founding of either firm,” Shepard said. “Both firms are rooted in the same solid foundation of academic investment philosophies and have focused on standing behind financial advisors and creating long-term value for their firms and, of course, their clients.”

The acquisition will allow EA to offer advisors and their clients services that include a full-service back office; a technology system integrated with customizable solutions and data harvested from leading industry providers; evidence-based portfolio management born out of Nobel-Prize-winning academics; and a turn-key, advisor-branded marketing and communication platform, the company said.

"One of the challenges for advisors who are looking to partner with asset management firms is that they are often asked to sacrifice their most valuable asset in the marketplace, their brand," Lawain McNeil, EA chief strategy officer, said in the news release. "The reality is that the advisor's brand is earned each and every day in the trenches with the client—the ones taking the calls when the market is volatile or when a major life event is happening."

Financial details of the transaction were not disclosed.