Waverly Advisors acquired GGM Wealth Advisors in a deal that closed March 21.
Financial terms of the deal between the two wealth managers were not disclosed, according to a March 25 news release.
Headquartered in Birmingham, Ala., Waverly provides institutional services for corporate retirement plans, endowments, trusts and other institutions. The registered investment adviser has 37 offices across the U.S.
The acquisition raised Waverly’s assets under management to $16.9 billion, and expand the firm’s presence in Maryland and Virginia.
Headquartered in Baltimore, GGM provides adviser-guided retirement plans and outsourced chief investment officer services. With more than $400 million in assets under management, GGM’s clients include nonprofits.
Following the completion of the deal, the entire team at GGM joined Waverly.
Jeff Johnson and Michael Little, who both founded GGM in 1996, retain their leadership roles prior to the acquisition. Johnson has served as president and managing director of GGM, while Little has served as director of wealth management. They will also serve as partners and regional directors for Waverly, a spokesperson added in an email.
They report to Justin Russell, president and CEO of Waverly.
“GGM has built a successful firm by providing a superior client experience while establishing long-term relationships,” Russell said in the release. “We appreciate GGM’s transparent, adviser-guided approach to comprehensive wealth management which prioritizes clients’ best interests.”
Since December 2021, Waverly has made 22 acquisitions. In January, Waverly announced the acquisition of Dickinson Investment Advisors, an investment adviser based in Council Bluffs, Iowa.
