Edelman Financial Engines (EFE), America’s top independent wealth planning¹ and workplace² investment advisory firm, today announced the acquisition of PRW Wealth Management (PRW), a Registered Investment Advisor that provides a comprehensive range of wealth management capabilities, with a focus on strategic planning, investment management and the transfer of wealth.

Headquartered in Quincy, Massachusetts, PRW manages over $500 million in assets under management (AUM) for approximately 200 clients, including individuals, families, endowments and foundations, and business owners.³

This marks the fifth acquisition by EFE over the past thirteen months and continues the expansion of the firm’s wealth planning capabilities across key regions nationwide.

“We are thrilled to officially welcome the PRW team and their clients to our firm,” said Suzanne van Staveren, executive vice president, chief financial officer and chief operating officer of Edelman Financial Engines. “With this acquisition, we can better serve clients in the greater Boston area, as well as nationwide, who may have more complex wealth management needs that require the right expertise to address their challenges and opportunities while also providing them with a well-defined roadmap to achieve their goals.”

“Edelman Financial Engines has a tremendous reputation, and their continued recognition from industry peers is a testament to their excellence and leadership,” said Bill Payne, co-founder of PRW. “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.”

“Joining Edelman Financial Engines provides us with a depth of additional resources and the ability to maintain the feeling of a multi-family office. We look forward to delivering cost-effective and tax-efficient customized portfolios built upon the investment philosophy of Nobel Prize-winner and Edelman Financial Engines co-founder Dr. William F. Sharpe,” said Rick Renwick, co-founder of PRW.

Growth through acquisition remains a key area of focus for EFE, and the firm expects activity will increase in the coming quarters as it continues conversations with strong partners.

“Edelman Financial Engines continues to be an important acquirer within the financial advisory industry,” said Dan Seivert, chief executive officer at Echelon Partners, who served as transaction advisor to PRW Wealth Management. “The acquisition will be highly beneficial for both firms in the long-term.”

This transaction follows EFE’s acquisitions of Align Wealth Management (2023), Erman Retirement Advisory (2022), Herrmann & Cooke (2022), Smart Investor (2022), and Viridian Advisors (2021).

Baker & McKenzie LLP and K&L Gates LLP served as EFE’s counsel in connection with the transaction. Ballard Spahr LLP served as PRW’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 1.3 million clients to manage more than $245 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, 3Q 2023, Issue #68, Edelman Financial Engines is the largest managed account provider by DC assets and market share as of June 30, 2023.

3. PRW Wealth Management, Form ADV data, as of April 17, 2023.

4. Edelman Financial Engines data, as of Dec. 31, 2022.

5. Edelman Financial Engines data, as of September 30, 2023.

© 2023 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. AM 3211738

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