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Waverly Advisors, an acquisitive Birmingham, Ala.-based registered investment advisor, has purchased TruWealth Advisors, a $3.1 billion wealth management firm based in the greater New Orleans area.
The deal, finalized on April 24, increases Waverly’s assets under management to about $34.2 billion and adds another location to its over 50 offices in the United States.
TruWealth, founded in 2020 by Chuck Simmons, operates offices in Mandeville and Metairie, La., and employs 31 people, all of whom will transition to Waverly. Simmons will join Waverly as a partner and wealth advisor, while Jim Parrie, general manager and chief operating officer, will become a partner and regional director.
Simmons founded TruWealth after leaving Ameriprise Financial, along with Parrie, according to BrokerCheck. The firm had been with broker/dealer Purshe Kaplan Sterling Investments until 2024. The RIA focuses on financial planning and portfolio management for individuals, families, and institutions, with over $2 billion of its AUM with high-net-worth individuals, according to its latest Form ADV.
Simmons said in a statement that the move to Waverly “allows us to keep that commitment while providing clients with enhanced resources, broader planning capabilities and access to an expanded team dedicated to their long-term financial success.”
Simmons, Parrie, and Chief Investment Officer William Rodrigue each held less than a 5% stake in the firm, with the majority owned by Truwealth Holdings, an entity created by the firm, according to its most recent Form ADV.
“Chuck and his team have built a respected firm grounded by transparent communication, disciplined portfolio construction and a genuine commitment to prioritizing clients’ needs above all else,” Justin Russell, president and CEO of Waverly, said in a statement.
The acquisition is Waverly’s 32nd since accepting an equity investment in December 2021 from Wealth Partners Capital Group and HGGC’s Aspire Holdings platform.
WPCG holds minority stakes in several RIAs dating back to the early 2020s. In March, the investment firm took a new majority stake in $4.6 billion RIA Verdence Capital Advisors by buying out founder and CEO Leo Kelly and an early minority investor, Emigrant Partners.
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