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EP Wealth Acquires Another California-Based RIA

EP Wealth Advisors LLC, an independent registered investment adviser, has acquired Caves & Associates Inc., a $191 million RIA based in Manhattan Beach, California.

EP Wealth Advisors LLC, an independent registered investment adviser, has acquired Caves & Associates Inc., a $191 million RIA based in Manhattan Beach, California. The terms of the deal were not disclosed.

Caves & Associates is an independent RIA specializing in financial planning and wealth management. The firm was founded in 1983 by Preston Caves, who will assume the role of consultant at EP Wealth. Co-owner and senior planner Sandra Gafney will serve as a wealth advisor.

EP Wealth and Caves & Associates share a common history. Both firms were influenced by Stephanie Enright, who mentored Preston as a young adviser and later worked with EP Wealth co-founders and managing directors Derek Holman and Brian Parker after they partnered with her $130 million firm in 2004.

The Caves & Associates acquisition is EP Wealth’s fourth in the last 14 months. The firm acquired Private Capital Management Associates in San Mateo in June 2017, and Millie Capital Management of Walnut Creek and Donnelly Wealth Advisors of San Diego earlier this year.

EP Wealth Advisors is a fee-only registered investment adviser and financial planning firm based in Torrance, California, with additional offices in the San Francisco Bay area, San Diego, West Los Angeles and Irvine, California, Seattle and Denver. The firm manages more than $4 billion in AUM as of June 30, 2018.

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