Aspiriant, a Los Angeles-based wealth management firm that oversees more than $14 billion in assets, said Wednesday that it has acquired HearthStone Private Wealth Management, a San Diego-based firm with $350 million in assets.
Hearthstone has seven employees and 150 clients, including affluent families and professional fiduciaries.
“While we know that PE firms are paying top dollar for advisory firms in the current environment, we feel strongly that independent ownership is synonymous with putting the needs of clients and employees first,” Paul Hynes, founder and CEO of Hearthstone, said in a statement. “Because of our mutual unwavering dedication to our clients and employees, it became clear that Aspiriant was the best choice for us.”
Rob Francais, CEO at Aspiriant, noted in the statement that “succession planning is top of mind for many advisors and their clients.
“We are here to offer an alternative path to selling to the big banks and private equity for firms that wish to remain employee-owned and independent of financial conflicts,” Francais said.
Relationships are key to our business but advisors are often slow to engage in specific activities designed to foster them.
Whichever path you go down, act now while you're still in control.
Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.
“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.
Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.
Streamline your outreach with Aidentified's AI-driven solutions
This season’s market volatility: Positioning for rate relief, income growth and the AI rebound
