Buckingham snaps up $400M wealth manager

The Buckingham Family of Financial Services today announced a merger with Wealth Management Consultants LLC.
Both firms focus on using passive investment strategies.
Buckingham, which has about $12 billion under management, is a partner with Focus Financial Partners LLC, a consolidator of registered investment adviser firms.
WMC manages $400 million for clients.
The transaction was arranged with the “guidance and resources” of Focus Financial, Buckingham said in a statement.
WMC will maintain its name and continue to be led by co-founder Irv Rothenberg, and financial planners Thelia Eagan and Brent Thomas.
“We are looking to create the center of the passive universe at Buckingham,” Adam Birenbaum, a Buckingham principal, said in a statement.
Mr. Birenbaum will be succeeding Bert Schweizer as chief executive of Buckingham in January.