Boston-based RIA Congress Wealth Management as completed a deal for MainLine. Credit: Shutterstock

Congress has taken on the Pennsylvania-based RIA MainLine with approximately $1.1bn assets under management. Terms of the deal have not been disclosed.

This deal is the first add-on for Congress since Audax Private Equity completed a strategic investment in the firm in June 2023. Before said investment, Congress had completed sex acquisitions since 2019.

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In addition, the purchase of MainLine gives the firm a total of $6.7bn assets under management across eight offices.

“We’re excited to welcome the MainLine team and the firm’s clients to the Congress platform,” noted Paul Lonergan, chief executive officer of Congress. “The cultural fit of this combination is compelling. Like Congress, MainLine embraces a customised, comprehensive approach to client service that delivers the responsiveness of a small independent firm with the sophistication and breadth of a larger institution.”

“As we build out our national presence, MainLine’s strong position in Philadelphia, with a client base extending across the country, is particularly attractive,” added Scott Dell’Orfano, chief strategic officer, at Congress. “Our combined capabilities and the collective experience of our advisors and teams should augment the service levels and attentiveness our clients have come to expect.”

“We’re looking forward to joining the Congress team and truly excited about the opportunity set in front of our business,” said Gary Droz, co-founder and managing director of MainLine. “Congress provides a scaled platform and a shared collaborative and authentic philosophy. As the industry at large gravitates away from commission-based models, this approach should help us attract and retain new business, while providing the perceptive advisory and attentive service clients have come to expect.”

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