Pittsburgh-based Signature Financial Planning today announced that it has merged with another local firm, Marbury Wealth Management, to create a new entity with $772.7 million in assets under management.
The merger, which was effective January 1, will provide Marbury clients with an expanded range of services and organization, while Signature and its clients will benefit from the depth and breadth of knowledge of Marbury’s wealth management advisors, the announcement said.
Scott Tobe, president and CEO of Signature Financial Planning, said the union brings together two strong legacy firms in the city, Signature Financial with 30 years in existence, and Marbury with 21 years. “With this joint venture, Signature Financial becomes one of the top 20 asset management firms in Pittsburgh,” he said in a statement.
Signature brings $542.7 million to the partnership while Marbury brings more than $230 million. The new firm will have 16 employees.
Scott Oehrle, president and CEO of Marbury Wealth Management, said the shutdown amid the Covid-19 pandemic gave him the opportunity to pause and think about the future of his firm and its clients. “Having worked in wealth management for more than 30 years and not having the presence of second-generation continuity, it was important for me to join a strong firm that would enable me and my team to continue to nurture all of our client relationships, but with the opportunity to provide more added value for their benefit and financial success,” he said in a statement.
“Our firms have known each other for more than 15 years, and this was the one and only choice for the future,” he added.
Joining Oehrle at Signature Financial are partner advisor Denise Quinn and two administrative team members. Marbury will maintain its downtown office until the end of its lease in 2023.