Expands Cary Street Partners’ Geographic Presence in Virginia
Cary Street Partners today announced that the firm has entered into a definitive agreement to acquire Virginia Beach, VA based independent registered investment advisor Waypoint Advisors. Founded in 2001, Waypoint Advisors serves high net worth clients and foundations across the United States.
“We are pleased to be joining forces with the Waypoint Advisors team,” said Joseph R. Schmuckler, Chief Executive Officer of Cary Street Partners. “Waypoint Advisors has built a valued business and an exceptional reputation in the Hampton Roads market. Their team’s adherence to culture, values, and always putting the client first has resonated with us since we were first introduced to Waypoint. We are excited to gain a powerful presence in Virginia Beach, which will complement our other Virginia locations.”
“Like many financial advisory firms, we recognize the need for larger scale to cover growing compliance, operations, and technology requirements,” said Elizabeth T. Patterson, CFP®, President of Waypoint Advisors. “Cary Street Partners has the people, operations and the technology required to enable our team to do more of what we love to do, focus on clients and expand our expertise. The scope of the firm’s capabilities will allow us to continue to best serve our clients. The culture and depth of Cary Street Partners gave us confidence that they are the best fit for us and will be a good home for our clients into the future.”
The combined firms will manage approximately $4 billion in assets and provide comprehensive wealth management solutions to individuals, families and institutions. The transaction is subject to certain regulatory closing conditions and is scheduled to close at the end of June.