BOSTON--(BUSINESS WIRE)--Edelman Financial Engines (EFE), America’s top independent wealth planning1 and workplace2 investment advisory firm, today announced the acquisition of Soundmark Wealth Management (“Soundmark”). Headquartered in Kirkland, Washington, Soundmark is an investment advisory firm managing more than $453 million in assets for over 250 households.3 The firm, founded by Bill Schultheis, provides premier investment management and financial planning services, with a specialty in addressing the unique planning needs of medical and technology professionals, as well as small business owners. The acquisition also provides EFE more capacity to serve clients in the Pacific Northwest.
“We are thrilled to welcome Soundmark to EFE. Bill has built an excellent team, and we know they will be a great addition to our firm. We are united by a common goal to serve in the best interest of our clients and to reach more people with the holistic, wealth planning capabilities they need to achieve their financial goals,” shared Jay Shah, chief executive officer at Edelman Financial Engines. “Growth through acquisition is important to our strategy, and we look forward to adding more exceptional teams like Soundmark that share our commitment to clients, value the resources that the top RIA in the industry provides and want to be part of building a modern wealth planning experience.”
“Our continued expansion across the United States, and in this case, the Pacific Northwest, enables us to partner with impressive firms who share our client-first focus and core values,” said Suzanne van Staveren, executive vice president, chief financial officer and chief operating officer at Edelman Financial Engines. “Bill and his team help us to broaden our capabilities and areas of expertise even further, which we know is increasingly important in creating a personalized financial planning experience. We look forward to the role they will play in our exciting evolution and growth.”
“It’s an honor to be joining forces with Edelman Financial Engines, a pioneer and perennial leader within the RIA industry,” said Bill Schultheis, Principal and Senior Wealth Advisor at Soundmark Wealth Management. “We share a similar client-centric approach in our work, and by partnering with EFE our clients benefit from more resources and planning expertise while our planners will have more support and less administrative duties, allowing them to focus even more on our clients.”
The transaction is EFE’s first of 2024 and follows the firm’s recent acquisitions that added planner capacity in key regions, including the Pacific Northwest, Northeast, Northern California and the South, and supplemented the firm’s capabilities in tax and estate planning, and retirement plans for small businesses. EFE will also continue conversations with more potential partners throughout the remainder of the year. Learn about collaborating with EFE and our acquisition history on the firm’s Mergers & Acquisition site.
Baker & McKenzie LLP served as EFE’s counsel in connection with the transaction. Montgomery Purdue LLC served as Soundmark’s counsel.
About Edelman Financial Engines
Since 1986, Edelman Financial Engines has been committed to always acting in the best interests of our clients. We were founded on the belief that all investors – not just the wealthy – deserve access to personal, comprehensive financial planning and investment advice. Today, we are America’s top independent financial planning and investment advisory firm, recognized by Barron's1 with 145+ offices4 across the country and entrusted by more than 1.3 million clients to manage more than $270 billion in assets.5 Our unique approach to serving clients combines our advanced methodology and proprietary technology with the attention of a dedicated personal financial planner. Every client’s situation and goals are unique, and the powerful fusion of high-tech and high-touch allows Edelman Financial Engines to deliver the personal plan and financial confidence that everyone deserves.
1. The Barron’s 2023 Top 100 RIA Firms list, an eighth-year ranking of independent advisory firms, is qualitative and quantitative, including assets managed by the firms, technology spending, staff diversity, succession planning and other metrics. Firms elect to participate but do not pay to be included in the ranking. Ranking awarded each September based on data within a 12-month period. Investor experience and returns are not considered.
2. According to the Cerulli Associates Top-Nine Managed Account Sponsors by DC Assets survey of Defined Contribution managed account providers, The Cerulli Edge – U.S. Retirement Edition, 1Q 2024, Issue #70, Edelman Financial Engines is the largest managed account provider by DC assets and market share as of Dec. 31, 2023.
3. Soundmark Wealth Management, as of Mar. 31, 2024.
4. Edelman Financial Engines data, as of Dec. 31, 2023.
5. Edelman Financial Engines data, as of Dec. 31, 2023.
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