San Diego, California-based RIA Pure Financial Advisors has acquired financial advisory firm Personal Investment Management (PIM).
Financial terms of the transaction remain undisclosed.
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Pure believes that the addition of PIM’s clients, mainly based in Seattle and the surrounding areas, will bolster its foothold in the “key” market.
Meanwhile, PIM is said to benefit from access to Pure’s planning tools as well as resources.
As of 31 December 2024, PIM manages approximately $567m in regulatory assets.
PIM CEO Christopher Reedy said: “We set upon this journey under no particular pressure to change anything but with two goals in mind: to enhance our technical capacity to serve our clients and to provide greater opportunities for career advancement and enrichment for our staff.”
The acquisition is said to incorporate a team of advisors and staff with financial, investment, and tax planning expertise, representing Pure’s fifth purchase in three years.
Pure managing partner Dominic Knauf said: “This acquisition is an important step in our growth strategy, allowing us to provide increased support and services to both our new team members and clients.
“The expertise that PIM brings to the table will bolster our existing Seattle (Mercer Island) location and complement our mission of providing financial education and advice to all those in need of it, and we look forward to expanding our reach in the Pacific Northwest.”
Established in 2007, Pure offers independent, fee-only financial planning and investment advice.
The firm reported over $7.39bn in client assets under management as of 17 December 2024.
