Waverly Advisors has acquired Heartwood Wealth Advisors, a Richmond, Virginia-based wealth management firm with approximately $1.7 billion in assets under management, expanding Waverly’s presence in Virginia and adding a team focused on high-net-worth individuals, families, and business owners.
Founded in 2013, Heartwood provides personalized wealth management services built around financial planning, investment management, collaboration, and long-term client relationships.
The firm is led by Steve Clarke, Sid Martin, Ben Gurley, and Wes Kaufman, supported by a team of nine professionals. The entire Heartwood team will join Waverly as part of the transaction.
Heartwood will remain rooted in Richmond while gaining access to Waverly’s broader wealth management resources, investment capabilities, and planning expertise.
The combination is designed to preserve Heartwood’s existing client relationships while expanding the range of services available to families and business owners with increasingly complex financial needs.
Heartwood’s name reflects the stable inner wood at the center of a tree, which provides structural support as the tree grows.
Waverly described the philosophy as closely aligned with its identity, inspired by an aspen grove whose individual trees are connected through a common root system.
Both firms emphasized long-term relationships, organizational culture, and continuity as important components of the transaction.
The acquisition represents Waverly’s 36th transaction since receiving an equity investment in December 2021 from Wealth Partners Capital Group and HGGC’s Aspire Holdings platform.
Waverly has used acquisitions alongside organic growth to build a national registered investment adviser platform.
The Birmingham, Alabama-based firm manages approximately $36.5 billion in assets as of September 25, 2026 and operates more than 50 offices across the United States.
Waverly has more than 500 professionals and provides investment management, tax, estate, financial planning, and wealth management services.
Its client base includes high-net-worth individuals and families, corporate retirement plans, trusts, endowments, and institutional investors.
The Heartwood acquisition adds additional scale in the Mid-Atlantic region and expands Waverly’s ability to serve clients in Virginia.
For Heartwood clients, the transaction is intended to provide access to the resources of a much larger advisory organization while retaining the advisors and service model they already use.
Wealth Partners Capital Group, which provides capital and strategic M&A support to wealth management firms, described Heartwood as an addition that brings both scale and advisory talent to Waverly.
HGGC, another investor supporting Waverly’s expansion, manages more than $10 billion in assets under management as of June 30, 2026, and invests across technology, business services, financial services, and consumer businesses.
The transaction continues consolidation across the registered investment adviser industry as firms seek additional scale, technology, investment resources, planning capabilities, and succession solutions while attempting to preserve advisor-client relationships.
For Waverly, Heartwood adds about $1.7 billion in AUM and an established Richmond-based team, further extending its national footprint.
KEY QUOTES:
“Heartwood and Waverly are grounded in many of the same principles. Those values are reflected in the enduring client relationships and collaborative cultures that define both organizations. We are proud to welcome the Heartwood team to Waverly and look forward to building on that shared foundation.”
Justin Russell, President And CEO Of Waverly Advisors
“Heartwood has always been focused on understanding the full picture of our clients’ financial lives and providing thoughtful, highly personal advice. Joining Waverly allows us to preserve that approach while bringing additional resources and expertise to the families and business owners we serve. Our clients will continue working with the people they know and trust, now supported by the broader Waverly team.”
Sid Martin, Heartwood Wealth Advisors
“As we considered the next chapter for Heartwood, we were looking to join an organization that shared our values and could help us continue to grow. Joining Waverly allows us to remain rooted in Richmond while expanding the ways we can serve clients in the years ahead.”
Ben Gurley, Heartwood Wealth Advisors
“Heartwood is an outstanding addition to the Waverly platform. This acquisition adds meaningful scale and talent while further positioning Waverly for continued growth across the Mid-Atlantic region.”
Mac Selverian, Partner At Wealth Partners Capital Group
