RIA Waverly scoops up $700M investment boutique

Left to right: Waverly Advisors CEO Joshua L. Reidinger and president Justin T. Russell.

The fee-only RIA builds on its acquisition streak so far this year with its first foothold in Charlotte, North Carolina.

Waverly Advisors has expanded its operations in the eastern US with the acquisition of an investment advisory firm in North Carolina. Waverly, a top fee-only RIA, is making its maiden foray into Charlotte, North Carolina, by acquiring McShane Partners, which was among the first fee-only investment advisory firms in the city.

This strategic move is part of Waverly’s broader growth plan and represents its third acquisition of the year, following its incorporation of StrategIQ Financial Group and EFP Advisors. These earlier acquisitions have already increased its total assets under management by around $2.5 billion in 2024.

McShane Partners, established in 1985, has developed a reputation for its boutique approach to investment management, wealth advisory, and financial planning.

Led by CEO Daniele Donahoe, the practice is dedicated to crafting financial solutions that align closely with the unique goals, necessities, and risk tolerances of its clients.

“The McShane team brings additional strategies to Waverly’s growing public and private market investment options,” Waverly president Justin Russell said in a statement.

He highlighted the shared commitment between the firms to exceptional service and the creation of enhanced opportunities for clients and their teams.

Donahoe shared Russell’s positive outlook, underscoring their firms’ common ethos of providing transparent, objective advice, and unmatched service.

“It is clear that Waverly shares these values, and we are confident this partnership will offer increased resources and support for our clients,” said Donahoe, who’s been registered as an investment advisor since 2010.

With the acquisition completed last Friday, Waverly’s assets under management have increased by approximately $700 million.

This expansion bolsters Waverly’s industry standing, with the firm now managing about $11.3 billion in assets and serving a varied clientele that includes high-net-worth individuals, corporate retirement plans, and institutions across its 19 US offices.

The McShane deal marks Waverly’s 13th transaction since securing an equity investment from Wealth Partners Capital Group and HGGC’s Aspire Holdings platform in December 2021.

“The acquisition of McShane speaks to Waverly’s commitment to delivering comprehensive, client-centric wealth and investment management services,” said Mac Selverian, a principal at Wealth Partners Capital Group.