Waverly Advisors announced that its parent company has acquired the equity of Smithfield Trust Company, a Pennsylvania-chartered trust company based in Pittsburgh. Smithfield manages approximately $3 billion in assets and ranks among the region’s largest money management firms. The company is known for fiduciary wealth management services, personalized client service, and long-standing multi-generational client relationships.
The acquisition expands Waverly’s trust service line and strengthens its ability to offer integrated investment management, tax, estate, trust, and financial planning services. Waverly said the addition of Smithfield represents a significant milestone as the firm continues building a broader wealth management platform.
Founded in 1996, Smithfield provides fiduciary wealth management services, including trust and estate administration, customized investment management, tax and charitable planning, and estate planning for clients globally. The company’s approach is designed to deliver coordinated and tax-efficient strategies across a client’s broader financial life.
Smithfield is led by Elizabeth Poggi, President and Chief Executive Officer, and Timothy Rice, Chairman and Chief Investment Officer. Both Poggi and Rice will join Waverly as Co-Regional Directors and will continue leading the 21 professionals joining Waverly through the transaction.
The acquisition marks Waverly’s 34th transaction since accepting an equity investment in December 2021 from Wealth Partners Capital Group and HGGC’s Aspire Holdings platform. The deal closed on June 12, 2026.
Waverly manages approximately $35.5 billion in assets as of May 29, 2026, excluding assets managed by Smithfield. The firm has 51 offices across the U.S. and a team of more than 460 professionals serving high-net-worth individuals and families, corporate retirement plans, trusts, endowments, and institutional clients.
Financial and legal terms of the transaction were not disclosed.
Support: Turkey Hill Management served as advisor to Smithfield Trust Company.
KEY QUOTES:
“Smithfield’s unified approach to trust, tax and investment management directly supports Waverly’s mission of building a cohesive and world-class service offering to better serve our clients. Smithfield’s unwavering commitment to client-first principles aligns seamlessly with Waverly’s philosophy.”
Justin Russell, President and CEO of Waverly
“Trust, integrity and personalized service have always defined Smithfield’s client philosophy. This acquisition unites the strengths of a premier trust company and a leading RIA, significantly expanding the depth of resources and planning capabilities offered to clients, without compromising the high-touch service they have come to expect.”
Elizabeth Poggi, President and Chief Executive Officer of Smithfield
“Our investment approach is grounded in customization, discipline and a deep understanding of each client’s complete financial portfolio. Waverly’s broader investment platform, combined with its highly experienced investment committee, strengthens our ability to create thoughtful, tax-efficient strategies and deliver positive, long-term outcomes for our clients.”
Timothy Rice, Chairman and Chief Investment Officer of Smithfield
“Waverly continues to execute on a differentiated growth strategy by connecting with firms that enhance its platform and expand its capabilities. The addition of Smithfield represents a meaningful step forward as Waverly continues to build a comprehensive experience for its clients.”
Mac Selverian, Partner at Wealth Partners Capital Group
