Edelman Financial Engines today announced the acquisition of PRW Wealth Management, a Quincy, Mass.-based registered investment advisor with more than $500 million in assets under management, according to a news release.
This marks the fifth transaction by Edelman Financial Engines (EFE) over the past 13 months and continues the expansion of the firm’s wealth planning capabilities across key regions nationwide, the release said, adding that the firm expects increased activity in the coming quarters.
PRW, co-founded by Rick Renwick and Bill Payne in 1989, provides a comprehensive range of wealth management capabilities, with a focus on strategic planning, investment management and the transfer of wealth, the release said. The firm has about 200 clients, including individuals, families, endowments and foundations, and business owners.
“Edelman Financial Engines has a tremendous reputation, and their continued recognition from industry peers is a testament to their excellence and leadership,” Payne said in a statement. “Their overall values, personalized and dedicated approach to wealth management and commitment to their clients closely aligns with how we’ve operated PRW for the last three decades.”
Renwick added, “Joining Edelman Financial Engines provides us with a depth of additional resources and the ability to maintain the feeling of a multi-family office.”
Suzanne van Staveren, executive vice president, chief financial officer and chief operating officer of EFE, said they are thrilled to welcome the PRW team and their clients. “With this acquisition, we can better serve clients in the greater Boston area, as well as nationwide,” she said.
Founded in 1986, Boston-based Edelman has more than $245 billion in assets from 1.3 million clients across 145 offices. The company is majority owned by private equity firm Hellman & Friedman.
