Welcome to Financial Advisor IQ

Boston Area Merger Creates $4.7 Billion RIA

By Alex Padalka February 2, 2017

Newton, Mass.-based independent wealth management firm Adviser Investments has acquired Needham, Mass.-based Braver Wealth Management to form a $4.7 billion RIA, the companies say in a press release.

Both firms cater to wealthy clients. Braver — which combines buy-and-hold investing with active trading — serves high net worth individuals, families, trusts and foundations, according to the press release. Its wealth planning services cover investment and retirement planning, college saving, tax planning and philanthropy. The acquisition also includes Braver Capital Management, which offers asset management services and separate accounts.

Adviser Investment’s account minimum, meanwhile, is $350,000, and the firm provides wealth management with a focus on mutual funds from Fidelity and Vanguard to individuals, trusts, foundations as well as institutions, the companies say in the press release.

With the acquisition, Adviser Investments now has 80 staff members overseeing accounts for more than 3,000 clients in all 50 states. The new company will operate under Adviser Investment’s name, with investment decisions overseen by Dan Wiener, Adviser’s CEO and co-founder, Jim Lowell, Adviser’s chief investment officer, and Braver president David D’Amico and CIO Andrew Griesinger, according to the press release.