Waverly Advisors Has Acquired Heartwood Wealth Advisors

The firm purchased the Richmond-based company, which manages $1.7 billion in client assets.

Updated on Sept. 29, 2026 in Financial Planning

Isometric editorial illustration of abstract office building volumes, representing a corporate merger in the wealth management sector. — Waverly Advisors has completed its acquisition of Heartwood Wealth Advisors, integrating $1.7 billion in client assets into its national wealth management portfolio. AI Illustration. Upload story photo >

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Waverly Advisors completed its acquisition of Heartwood Wealth Advisors, adding $1.7 billion in assets to its portfolio. The transaction integrates Heartwood's team and operations into the Birmingham-based firm.

Why it matters

This move strengthens the national presence of Waverly Advisors by absorbing Heartwood Wealth Advisors as part of its ongoing expansion strategy. It follows a rapid series of acquisitions aimed at consolidating resources within the wealth management industry.

Waverly Advisors now manages $35.6 billion in assets following the purchase of Heartwood, which brought $1.7 billion into the firm. This deal marks the 36th acquisition completed by Waverly since 2021.

The players

Waverly Advisors

This Birmingham-based firm provides wealth management services and has grown aggressively through a series of acquisitions.

Heartwood Wealth Advisors

Based in Richmond, Virginia, this wealth management firm was established in 2013 and previously managed $1.7 billion in assets.

The details

Under the terms of the corporate transaction, all Heartwood Wealth Advisors employees and principals have joined the Waverly team. The acquisition expands Waverly's footprint, which already spans 50 locations across 20 states.

Heartwood Wealth Advisors was founded in 2013.
Waverly acquired the Smithfield Trust Company in June 2026.
The acquisition of Heartwood Wealth Advisors closed on September 25, 2026.

Market Dynamics

This deal underscores the rapid consolidation within the U.S. registered investment advisor market, where firms increasingly rely on acquisitions to scale operations. It follows the pattern set by other wealth management entities seeking to expand their reach through frequent deal-making.

Clients of the acquired firm will transition to the Waverly platform, which may change their access to specific service tiers and management resources. Retail investors should monitor their account statements and documentation for updates regarding the new fee or service structures.

The takeaway

Wealth management firms are increasingly utilizing M&A activity to gain market share in a competitive landscape. Investors should ensure they understand how corporate changes at their financial firm impact their long-term advisory relationship.