Edelman Financial Engines Acquires RIA Herrmann & Cooke
Supports strategic growth and expands advisor network in Northern California market
BOSTON, October 5, 2022 - Edelman Financial Engines (EFE), America’s top independent wealth planning and investment advisory firm,1 announced today the acquisition of Herrmann & Cooke Wealth Management, a fiduciary Registered Investment Advisor that provides a comprehensive suite of financial and wealth management services.
Headquartered in Danville, Calif., Herrmann & Cooke manages over $490 million for approximately 600 clients,2 providing financial planning, retirement planning, investment management, and estate planning services.
“Herrmann & Cooke has a strong focus on growth, and the firm’s priorities have long included developing its employees, expanding services, and attracting and retaining new clients – all of which align closely with the growth goals for our Wealth Planning business,” said Suzanne van Staveren, executive vice president and chief financial officer, Edelman Financial Engines. “This transaction also expands our strong presence in an attractive Northern California market and adds capacity to service the increased demand in that region.”
This transaction follows the August 1, 2022 acquisition of Smart Investor, which also expanded EFE’s wealth planning presence in Northern California and added to its small business retirement plan capabilities. In 2021, EFE acquired Washington-based Viridian Advisors, which expanded its advisor network in the Northwest and added tax practice capabilities.
“Over the last few years, we have been evolving to deliver a ‘modern’ suite of wealth planning capabilities and value to our clients,” added Jason Van de Loo, executive vice president and head of Wealth Planning and Marketing, Edelman Financial Engines. “As we continue to grow, we are focused on acquisition opportunities that align with our mission and purpose, and offer the right mix of clients, culture, and capabilities. Herrmann & Cooke is a perfect fit in all three of these areas, and we look forward to welcoming their team and clients to our firm.”
“Our team’s long relationship with EFE helped make it clear to us that our clients would see real benefits from the increased depth in all areas of wealth planning,” noted David P. Herrmann, chief executive officer, Herrmann & Cooke. “We are very excited to grow with the leading firm in our industry.”
Baker McKenzie served as EFE’s counsel in connection with the transaction. Greenan, Peffer, Sallander & Lally served as Herrmann & Cooke’s counsel.
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About Edelman Financial Engines
Since 1986, Edelman Financial Engines has been committed to always acting in the best interests of our clients. We were founded on the belief that all investors – not just the wealthy – deserve access to personal, comprehensive financial planning and investment advice. Today, we are America’s top independent financial planning and investment advisory firm, recognized by Barron's1 with 145+ offices2 across the country and entrusted by 1.3 million clients to manage more than $245 billion in assets.3 Our unique approach to serving clients combines our advanced methodology and proprietary technology with the attention of a dedicated personal financial planner. Every client’s situation and goals are unique, and the powerful fusion of high-tech and high touch allows Edelman Financial Engines to deliver the personal plan and financial confidence that everyone deserves. For more information, please visit EdelmanFinancialEngines.com.
1. The Barron’s 2023 Top 100 RIA Firms list, a ranking of independent advisory firms in its eighth year, is qualitative and quantitative, including assets managed by the firms, technology spending, staff diversity, succession planning and other metrics. Firms elect to participate but do not pay to be included in the ranking. Ranking awarded each September based on data within a 12-month period. Investor experience and returns are not considered.
2. Edelman Financial Engines data, as of Dec. 31, 2022.
3. Edelman Financial Engines data, as of September 30, 2023.
