Edelman Financial Engines Acquires Soundmark Wealth Management
13 Mayo 2024 - 9:00AM
Business Wire
Expands presence in Pacific Northwest and increases planner
network; broadens firm’s financial planning capabilities
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.
© 2024 Edelman Financial Engines, LLC. Edelman Financial
Engines® is a registered trademark of Edelman Financial Engines,
LLC. All advisory services provided by Financial Engines Advisors
L.L.C., a federally registered investment advisor. Results are not
guaranteed. AM3559868
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240513278876/en/
Edelman Financial Engines PRTeam@EdelmanFinancialEngines.com