Homrich Berg Acquires $6.4B RIA

Homrich Berg is expanding! They recently announced their agreement to acquire WMS Partners, a $6.4 billion multifamily office and registered investment advisor based in Towson, Maryland. WMS was founded in 1993 by Tim Chase, David Citron, and Martin Eby, who together have 80 years of industry experience. They provide wealth management and family office solutions for high- and ultra-high-net-worth individuals and families, offering trust and estate planning services as well as a private investments platform.

Homrich Berg’s President and CEO, Thomas Carroll, expressed excitement about the acquisition, highlighting the shared approach between WMS and HB in advanced planning and private market investing. This collaboration aims to enhance their service offering, particularly for clients with complex planning and investment needs, positioning them to become the premier independent fee-only RIA in the Southeast plus region.

This move is part of Homrich Berg’s strategic growth plan in the mid-Atlantic region, following a minority investment from TPG Growth and the addition of a team in Tampa, Florida. The transaction is set to close in early 2025 and will mark Homrich Berg’s first acquisition since Andrew Page joined as head of corporate development to lead mergers and acquisitions activity. With the addition of WMS, Homrich Berg’s total assets under management will exceed $24 billion, spanning 10 offices across five states and employing more than 300 team members.

In another notable industry move, Raymond James recently welcomed Carol Heil, a financial advisor from Merrill Lynch, to their team in Louisville, Kentucky. Carol, along with her team, oversaw $400 million at Merrill for families and individuals, retirees, and sudden wealth clients. After 28 years at Merrill, Carol cited Raymond James’ commitment to serving clients based solely on their best interests and unique needs as the reason for her move.

Raymond James has been attracting several advisors from other firms, including a Texas-based advisor overseeing $1.3 billion and a New York-based advisor team managing $1 billion. With roughly 8,800 financial advisors and client assets totaling around $1.54 trillion, Raymond James continues to grow and expand its presence in the industry.