January 29, 2023
Wealthcare Advisory Partners LLC (Wealthcare), a technology-enabled full-service RIA that supports independent financial advisors and a NewSpring Holdings platform company, acquired Sommers Financial Management (Sommers Financial). This deal marks Wealthcare’s third RIA acquisition in the past six months and expands the company’s presence in the direct advisory market.
With advisors in Scappoose, OR, and Tucson, AZ, Sommers Financial was founded in 2002 and advises more than $100 million in assets under management (AUM). Following this acquisition, Wealthcare’s advisor team includes more than 150 wealth management advisors across the country with $5 billion in AUM.
“We are thrilled to partner with Adam Sommers and the entire Sommers Financial team. Adam has built a top-notch organization that focuses on holistic financial planning and goals-linked investment solutions, the exact philosophy that Wealthcare has built our entire business upon,” says Matt Regan, President of Wealthcare. “We will work diligently together to continue Sommers Financial’s superior client engagement and impressive growth as they transition into the Wealthcare network. Our integrator approach to M&A growth enables our group to benefit from the experience of our new partners while we strengthen our comprehensive offering for advisors. We look forward to learning from the Sommers team as we strive to make Wealthcare even better.”
The Sommers Financial team will remain fully engaged with their clients. Sommers Financial’s goal of planning effectively and investing efficiently for their clients will be enhanced through their access to Wealthcare’s proprietary goals-based technology platform and its broader wealth management services offering.
“I’m excited to join Wealthcare, a firm that shares our values and offers a compelling solution through their proprietary technology and industry-leading support services. The Sommers team has always excelled at servicing our clients, and this combination will provide us an even greater ability to focus on driving successful client outcomes,” says Adam Sommers, Founder of Sommers Financial Management.
“Congrats to the Sommers Financial and Wealthcare teams on this exciting acquisition. This partnership underscores Wealthcare’s commitment to provide like-minded wealth management practices an industry-leading platform that leverages a robust technology and servicing offering to enhance the client experience,” concludes Jim Ashton, General Partner NewSpring Holdings.
Contact our Team Members advising in this transaction:
Dinan & Company, LLC is the partner firm of Translink Corporate Finance in the United States. It is a leading national M&A and merchant banking services company with over 32 years of advisory experience dedicated to middle-market transactions.