Author: Patrick Goshtigian
$191M AUM Manhattan Beach firm expands EP Wealth’s financial planning expertise
TORRANCE, Calif. – Sept. 11, 2018 – EP Wealth Advisors, LLC (“EP Wealth”), a leading independent registered investment adviser (“RIA”) that specializes in client-centric financial planning and investment management services, announced its acquisition of Caves & Associates, Inc.
Based in Manhattan Beach, Calif., Caves & Associates is an independent RIA firm specializing in financial planning and wealth management. The firm was founded by Preston S. Caves MBA, CFA, in 1983 to provide clients with comprehensive customized portfolio construction and investment management services. Preston will assume the role of Consultant at EP Wealth, and Co-owner and Senior Planner Sandra Gafney MBA, CFP®, will serve as a Wealth Advisor.
“Caves & Associates brings a storied history to our firm and is well known for taking the same personalized approach to financial planning and investment management as EP Wealth,” said Patrick Goshtigian, CFA, President and CEO of EP Wealth. “As Preston looked to establish his firm’s long-term legacy, he sought a partner who mirrors his approach with clients and who prioritizes educating and empowering them. EP Wealth shares that vision and we’re pleased to welcome Preston and his team.”
“After significant research and consideration, we decided to merge with EP Wealth. We wanted to find the right cultural fit for our clients and our team,” said Preston. “EP Wealth’s resources will allow us to increase our service offering, as well as provide a sound succession plan for our team’s leadership, so that our clients will continue to have stable, high quality, independent financial advice for years to come.”
EP Wealth and Caves & Associates share a common history, as both firms were influenced by Stephanie Enright, CFP®. Enright, an early financial planning leader in Southern California, mentored Preston as a young adviser and later worked with EP Wealth Co-Founders and Managing Directors, Derek Holman, CFP®, AIF®, and Brian Parker, CFP®, after they partnered with Enright’s $130 million AUM firm in 2004. She cultivated a client-first mentality in her practice, which Preston, Derek and Brian credit as an inspiration for their current approach.
This is EP Wealth’s fourth acquisition in the last 14 months. The firm acquired Private Capital Management Associates in San Mateo, Calif. in June 2017, and Millie Capital Management of Walnut Creek, Calif. and Donnelly Wealth Advisors of San Diego earlier this year. Today’s transaction is EP Wealth’s third since taking a minority investment from Wealth Partners Capital Group, a financial services holding company, in July 2017.
The acquisition of the $191 million RIA closed on September 7, 2018 and bolsters EP Wealth’s comprehensive financial, investment and estate planning expertise. Financial and legal terms of the deal will not be disclosed.
About EP Wealth Advisors
EP Wealth Advisors, LLC (“EP Wealth”) is a fee-only registered investment adviser and financial planning firm based in Torrance, Calif., with additional offices in the San Francisco Bay area, San Diego, West Los Angeles and Irvine, Calif., Seattle and Denver. The firm manages more than $4 billion in AUM as of June 30, 2018 and provides client-centric financial planning and investment management services to individuals and businesses. EP Wealth is led by Co-Founders and Managing Directors Derek Holman, CFP®, AIF®, Brian Parker, CFP® and President and CEO Patrick Goshtigian, CFA. For more information, please visit www.epwealth.com.
About Wealth Partners Capital Group
Wealth Partners Capital Group (“WPCG”) is a financial services holding company, which has invested in and partnered with EP Wealth Advisors. WPCG is focused on identifying and integrating like-minded registered investment advisers who are seeking access to expanded business capabilities, strategic growth, and customized transition solutions. The WPCG management team is led by partners John W. Copeland, Rich Gill, and Sean Bresnan. For more information, please visit www.wealthpcg.com.
Miller Geer & Associates for EP Wealth
Marissa Foy Comerford
Gregory FCA for EP Wealth