Aspiriant, an employee-owned RIA with over $9 billion in client assets, said it merging with the Glowacki Group, which has some $360 million in assets and is based in Los Angeles.
This news follows Aspirant’s recent merger with San Diego-based Hokanson Associates in late 2015. The firm targets high-net-worth investors and has nine offices nationwide.
“Based on our culture of independence and our employee ownership model, Aspiriant has become an attractive destination for independent wealth management firms across the nation that share our core values,” said CEO Rob Francais, in a statement. “By joining Aspiriant, owners expand the career opportunities for their employees as part of a national firm and ensure the continuity of services for their clients for generations to come.”
The Glowacki Group, which has been in business for 18 years, plans to move into Aspiriant’s Los Angeles office this spring.
“As part of Aspiriant, we are able to enhance our services to clients with a greater depth of investment and financial planning resources, as well as provide access to dedicated specialists with deep expertise in areas such as taxes, estate planning and philanthropy,” said founder and Michael Glowacki, in a press release.
Under terms of the deal, Glowacki is set to become an owner and principal of Aspiriant.
The combination of Aspiriant and the Glowacki Group will “significantly increase Aspiriant’s footprint in Los Angeles, a market that has relatively few RIA options given its size,” according to Francais.
“Both of our firms have deep roots in the accounting profession and were founded by CPAs,” he added.
In November, Aspiriant said it was merging with Hokanson Associates of San Diego, which has about $570 million in client assets.
Aspiriant has been growing over the past decade, acquiring Deloitte Investment Advisors in 2010, which included some 40 professionals with nearly $2.9 billion in assets under advisement.