Tipp Howell/Stone/Getty Images RIA Edge>RIA News $1.2B Fee-Only Firm Joins Boston-Based CW Advisors Adding the Virginia and Pennslyvania-based Agili to CW Advisors will boost the combined firm to 11 offices nationwide, with 113 employees and $10 billion in AUM.

Patrick Donachie | Aug 19, 2024

CW Advisors, a Boston-based private-equity-backed RIA with about $10 billion in assets, is adding Agili, a fee-only firm with about $1.2 billion in managed client assets.

Agili opened in 1993 and works with high-net-worth individuals and families. As part of the deal, the firm will take the CW Advisors brand and name while keeping its offices in Richmond, Va., and Bethlehem, Pa.

“As one of the nation’s earliest fee-only financial planning firms, Agili is a pioneer in this sector,” CW Advisors CEO Paul Lonergan said. “The team’s responsive and innovative service to clients makes them an ideal fit.”

This is the fourth (and largest) CW Advisors deal since Aduax Private Equity made a strategic investment in the firm in 2023.

As part of the deal, Agili President Michael Joyce will become executive managing director and mid-Atlantic leader for CW Advisors. The combined firm will bring CW Advisors to 11 offices around the country and 113 employees.

CW Advisors previously rebranded from Congress Wealth Management, which was founded in 2009 and managed approximately $5 billion in assets when it transitioned to CW Advisors in 2023. In April of that year, CI Financial sold its stake in Congress to Audax after initially taking a minority stake in the company in 2020’s third quarter via its U.S. wealth management subsidiary.

“Our partnership with Audax will enable Congress to accelerate both organic and inorganic growth by complementing Congress’ pipeline and relationships with Audax’s Buy & Build approach and resources,” then-Congress Chief Strategic Officer Scott Dell’Orfano said at the time.

The firm announced its rebranding as CW Advisors in January. This year alone, CW Advisors acquired Cubic Asset Management, a Boston-based independent account management firm with more than $700 million in assets under management. CW Advisors also acquired Mercadien Asset Management, a Hamilton, N.J.-based RIA, with approximately $243 million in managed assets as of Febuary 2023, according to SEC records.

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