Cary Street Partners, an independent financial services firm, has agreed to purchase Waypoint Advisors, a Virginia Beach-based independent registered investment advisor with $215 million in assets under management. Financial terms were not disclosed, and the transaction is scheduled to close at the end of June.
The combined firms will manage approximately $4 billion in assets and provide wealth management services to individuals, families and institutions.
“Like many financial advisory firms, we recognize the need for larger scale to cover growing compliance, operations, and technology requirements,” said Elizabeth T. Patterson, 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.”
Cary Street Partners Financial operates in 12 offices across five states and provides comprehensive wealth management services including investments, planning and financial advice.