Waverly Advisors Acquires Heartwood Wealth, Adding $1.7bn in Virginia

Waverly Adds $1.7bn Virginia Practice

Waverly Advisors has acquired Heartwood Wealth Advisors, a Richmond, Virginia-based practice managing roughly $1.7bn in assets. The deal, reported by Private Banker International, extends Waverly's operational reach in Virginia and brings Heartwood's nine-member workforce into the buyer's organisation.

A 2013 Practice and Its Leadership

Heartwood was established in 2013 and is directed by Steve Clarke, Sid Martin, Ben Gurley, and Wes Kaufman. Its client base spans individual, family, and commercial accounts. Martin said the firm has focused on understanding the full picture of clients' financial lives and providing personal advice, adding that joining Waverly allows Heartwood to preserve that approach while bringing additional resources and expertise to the families and business owners it serves. He noted clients will continue working with familiar people, now supported by the broader Waverly team.

A Serial Acquirer Since 2021

The transaction is Waverly's 36th acquisition since securing equity funding from Wealth Partners Capital Group (WPCG) and HGGC's Aspire Holdings platform in December 2021. Waverly CEO and president Justin Russell said the two firms share principles reflected in enduring client relationships and collaborative cultures, and that Waverly looks forward to building on that shared foundation.

The deal is Waverly's 36th acquisition since securing equity funding from WPCG and HGGC's Aspire Holdings platform in December 2021.

Waverly's Wider Platform

Formed in 1999 in Birmingham, Alabama, Waverly operates as a fee-only federally registered investment adviser. It provides wealth management, estate structuring, tax advisory, and financial planning to institutional entities, endowments, trusts, corporate retirement programmes, and high-net-worth individuals. With more than 50 locations across the US and over 500 staff members, Waverly has been managing around $36.5bn in assets as of 25 September 2026.

What the Acquisition Signals

The purchase of Heartwood continues a consolidation strategy Waverly has pursued since 2021, adding both assets and personnel in Virginia. Heartwood's nine-member team will transition into Waverly, while its clients gain access to a larger advisory platform. The deal reflects ongoing M&A activity among US registered investment advisers serving high-net-worth individuals, families, and institutions.

A Larger Footprint

For Waverly, the addition of Heartwood extends a national network that already spans more than 50 locations. For Heartwood, the transaction preserves client relationships while integrating into a firm with broader resources. The acquisition is Waverly's latest in a series of transactions that have shaped its growth since receiving outside equity backing in December 2021.