Edelman Financial Engines, the registered investment advisor with more than $292 billion in assets under management, has acquired an RIA specializing in working with executives in pharmaceuticals and life sciences.
Cahill Wealth Management, headquartered in Kalamazoo, Mich., will join Edelman’s national wealth management practice and take on its brand name. The fee-only firm, founded by President Ryan Cahill, manages about $426 million for 125 clients, including workplace retirement plans.
The RIA’s specialization in working with life sciences companies “complements EFE’s workplace business,” the Boston-based Edelman said in an announcement. Edelman is the country’s largest provider of managed accounts in workplace 401(k) plans.
Edelman will continue to look to expand into areas with increased demand for wealth services, said Joey Miller, vice president of M&A at Edelman. It will also continue to target “niche skillsets,” he said, as those types of firms “are always appealing as we know that personalized planning starts with a deep understanding of clients’ needs.”
Miller said Edelman is well-positioned to provide advisory services to workplaces that want to add more holistic investment advisory services, including access to a planner, in part as fewer employees have access to a pension.
“EFE has a unique advantage in the industry in that employees get a trusted introduction to our brand and our services in the workplace,” he said. “All 401(k) participants can speak with our Advisor Center and, especially in times of volatility, we see employees increasingly reach out for help from an investment advisor.”
With more than 144 offices around the country, he said Edelman can serve many employers with these services, with the acquisition strategy building on that base.
“While the 401(k) is the cornerstone of many employees’ retirement plans, we find that as they approach retirement years they want to look at their assets and plan more holistically,” he said. “When household discussions are focused on retirement income, estate planning, tax strategies or insurance planning, it is time to maybe begin speaking with a financial planner about developing a more comprehensive, strategic plan.”
The financial services firm launched its current M&A strategy in 2021, when it recapitalized with an investment from private equity giant Warburg Pincus. Its most recent acquisition was in May 2024 for $453 million RIA Soundmark Wealth Management, based in Kirkland, Wash. That firm specialized in financial planning for medical and technology professionals and small business owners.
“We are in active conversations with some great RIAs and will continue to selectively pursue more partners,” Miller said.