California-based EP Wealth Advisors has acquired Caves & Associates, a local financial planning and wealth management firm with $191m in assets, for an undisclosed sum.
Caves & Associates was established in 1983 by Preston Caves, who will now serve as a consultant at EP Wealth. The firm’s co-owner and senior planner Sandra Gafney will become wealth adviser at EP Wealth.
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“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,” Preston Caves stated.
EP Wealth president and CEO said: “Caves & Associates brings a storied history to our firm and is well known for taking the same personalised approach to financial planning and investment management as 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 prioritises educating and empowering them. EP Wealth shares that vision and we’re pleased to welcome Preston and his team.”
Apart from Torrance, which serves as its base, EP Wealth also has offices in the San Francisco Bay area, San Diego, West Los Angeles, Irvine, Seattle, and Denver. The company managed more than $4bn in assets at the end of June 2018.
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By GlobalDataEarlier this year, EP Wealth purchased Millie Capital Management, and Donnelly Wealth Advisors.
