Acquisition advances Equitable’s wealth management growth strategy
Equitable, a leading financial services company and principal franchise of Equitable Holdings, Inc. announced the acquisitioni of Penn Investment Advisors, Inc. (PIA), a registered investment adviser and subsidiary of Penn Community Bank. The acquisition is expected to close in the fourth quarter of 2022.
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Headquartered in Bucks County, Pa., Penn Investment Advisors has $600 million in assets under administration and serves 950 clients. This announcement advances Equitable’s strategy to grow its wealth management business, Equitable Advisors, LLC, which has $70.8 billion in assets under administration (as of 6/30/22) and c. 4,200 financial professionals.
“We are proud to welcome the clients and advisors of Penn Investment Advisors to Equitable,” said David Karr, Chairman of Equitable Advisors. “Equitable’s value proposition for RIAs and wealth management firms resonates loudly in the marketplace. We will continue to focus on growing organically and through strategic acquisitions as part of our robust growth strategy.”
As part of the transaction, PIA’s leadership, including President Christian Wagner, Chief Operating Officer Sean Schmid, and PIA’s team of financial advisors will join Equitable and continue to provide wealth management and advisory services to PIA and Penn Community Bank clients.
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“Navigating a complicated, ever-changing investment landscape gets much easier when you have the right financial partner on your side,” said Christian Wagner, President of Penn Investment Advisors. “It was critical for us to partner with a wealth management firm with a client-first culture that could provide a seamless transition for our clients and advisors at Penn Investment Advisors.”
Equitable Advisors consultative and holistic approach to financial planning goes beyond investments to provide individuals, families and small to medium-sized businesses with support that considers life goals, business goals, family situations, lifestyle and purpose.
David Fleisher, Co-Head of Equitable Advisors’ Philadelphia market, will oversee the new venture. This long-term relationship, designed to offer wealth management services to the clients of Penn Community Bank, is Equitable’s second strategic relationship with a leading institution in the Philadelphia market.
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