Covenant Multifamily Offices, a San Antonio-based wealth advisor, has acquired privately owned Bridge Wealth Management, and has rebranded the Tyler, Texas, firm Covenant Wealth Management.
In an announcement last week, Covenant Multifamily Offices said the acquisition would add 126 relationships, representing $200 million in investable assets, and bring its client roster to more than 240 families and total assets under management to some $1.3 billion.
Two-year-old Covenant provides its ultrahigh-net-worth clients integrated wealth management services, family governance services, concierge and boutique planning and investment services. Bridge’s services have focused on financial planning, investment management and tax planning.
“The Covenant Wealth Management presence in Tyler heralds a larger, groundbreaking strategic business initiative,” Covenant’s founder and managing partner John Eadie said in the statement.
“For the Wealth Management brand, we’ve deconstructed our family office service model, effectively making many of the exclusive, family office-oriented investment strategies, technology and personalized client services attainable to high-net-worth individuals and families.”
Thomas Smith, Bridge Wealth’s founder, will continue to head the Tyler practice under the Covenant Wealth Management banner. He will be responsible for overseeing all client service, working with the firm’s leadership group to develop and execute strategic growth initiatives.