CW Advisors, a Boston-based private-equity-backed RIA with about $11 billion in assets, has acquired two registered investment advisors in its hometown area with a combined $800 million in assets. Terms of the deals, which closed in January, were not disclosed. CW Advisors now has 14 offices across the country and 119 employees.
CW acquired Aspire Wealth Management, a Waltham, Mass.-based RIA with about $379 million, according to its most recent Form ADV. It was founded in 2012 by CEO Mark Khozozian and serves high-net-worth individuals, trusts, estates, foundations, corporations and retirement plans.
It also added Fernwood Investment Management, a Quincy, Mass.-based RIA with about $436 million in AUM. It was founded in 2003 by Managing Member Thomas Reilly. Prior to founding the firm, Reilly served as a partner and senior research analyst at Bainco International Investors.
Fernwood works with mid-career professionals as well as retirees, with some small business owners, foundations, endowments, and trusts among the clients.
“By joining CWA, we are able to continue to work closely with our clients to help achieve their goals while benefitting from the larger organization and resources CWA provides,” Reilly said in a statement.
CW previously rebranded from Congress Wealth Management, which was founded in 2009 and managed approximately $5 billion in assets when it transitioned in 2023. In April of that year, CI Financial sold its stake in Congress to Audax Private Equity after initially taking a minority piece in the company in 2020’s third quarter via its U.S. wealth management subsidiary.