Torrance, Calif-based EP Wealth Advisors has increased its assets under management by more than $1 billion with the acquisition of sister companies The Insight Group Inc. and Financial Insight Center LLC in Salt Lake City, according to an announcement today.
The deal, the largest transaction for EP Wealth, closed Sept. 30. Financial and legal terms will not be disclosed, the release said.
Insight, which has an additional office in Logan, Utah, was founded by owners Mark Matley and Paul Salisbury, who will both take on regional director positions, as well as become partners at EP Wealth. Executive team members Chuck Cutler and Brady Jardine will become senior vice presidents and partners.
The firms, which share a management team, provide wealth management services for individuals and families. They focus on distinctive client bases, with The Insight Group catering to high-net-worth individuals and Financial Insight Center providing personalized investment advice for a wider range of clients, the release said.
Patrick Goshtigian, president and CEO of EP Wealth, said Insight’s expertise and customized approach complement EP Wealth’s work with clients. “Insight has achieved remarkable success within the industry and on behalf of its clients, due in large part to its highly specialized team and loyal client base. We quickly recognized a shared client-first philosophy and a mutual commitment to providing quality solutions and resources,” he said in a statement.
Matley said the team is proud of the great success the firm has enjoyed throughout its history. “As we continued to grow, we saw an opportunity to partner with the EP Wealth team and take advantage of their scale, back office and compliance support, as well as the depth and breadth of their team,” he said.
Salisbury added that the partnership marks a significant new chapter for their clients. “We are excited to enhance our offerings and breadth of available solutions through EP, allowing us to provide even more specialized support moving ahead,” he said.
The acquisition of Insight marks the 12th and largest transaction in a period of strategic growth for EP Wealth. Since taking a minority investment from Wealth Partners Capital Group in July 2017, EP Wealth has completed acquisitions in California, Washington, Colorado, Arizona, Illinois and Texas. Its most recent was in August when the firm expanded in the Phoenix region with the acquisition of Providus Advisors.
EP Wealth is a fee-only registered investment advisor and financial planning firm that manages more than $7 billion as of June 30.