Waverly Advisors Acquired Heartwood Wealth Advisors

Clients of the Richmond-based firm will transition to the national practice following this corporate acquisition.

Updated on Sept. 29, 2026 in Financial Planning

Isometric editorial illustration of two distinct rectilinear volumes nested together, representing the structural integration of corporate entities. — Waverly Advisors has finalized its acquisition of Richmond-based Heartwood Wealth Advisors, integrating $1.7 billion in assets into its national wealth management practice. AI Illustration. Upload story photo >

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Waverly Advisors has completed its acquisition of Heartwood Wealth Advisors, a firm managing $1.7 billion in assets. The deal brings Heartwood’s staff and assets under the umbrella of the Birmingham-based firm, which now manages $35.6 billion.

Why it matters

The merger marks the 36th acquisition for Waverly Advisors since 2021, reflecting a rapid expansion of the firm's national footprint. For current clients, these consolidations often signal changes in operational processes or service delivery models.

The acquisition adds $1.7 billion in managed assets to Waverly's $35.6 billion total. This transaction represents the 36th addition to the firm's portfolio since 2021, expanding its presence to 50 locations across 20 states.

The players

Waverly Advisors

A wealth management firm headquartered in Birmingham, Alabama, with 50 locations that provides investment and financial planning services.

Heartwood Wealth Advisors

A Richmond, Virginia-based wealth management firm that previously oversaw $1.7 billion in assets for its clients.

Smithfield Trust Company

A Pittsburgh, Pennsylvania-based financial institution that offers trust and asset management services to households.

The details

Waverly Advisors acquired the Richmond-based Heartwood Wealth Advisors through a corporate transaction that closed on September 25, 2026. As part of the integration, Heartwood's professional staff has joined the larger Waverly organization. This follows a similar acquisition of Pittsburgh-based Smithfield Trust Company, which added $3 billion in assets to Waverly earlier in June 2026.

Heartwood Wealth Advisors was founded in 2013.
Waverly received an equity stake from WPCG in 2021.
Waverly acquired Smithfield Trust Company in June 2026.
The acquisition of Heartwood Wealth Advisors closed on September 25, 2026.

Money Landscape

This acquisition follows the ongoing consolidation trend in the independent wealth management industry. It highlights a period where mid-sized firms are aggressively scaling through mergers to increase their national reach.

Clients of the acquired firm should review any new account disclosures or service agreements provided during the integration. It is recommended to schedule a conversation with a qualified financial professional to discuss how this transition may influence your long-term planning strategy.

The takeaway

Large-scale firm mergers can shift the service model, platform, or investment options available to household accounts. Review your most recent advisory agreement and discuss any operational changes with your primary point of contact.