Pure Financial Advisors, a $8 billion RIA backed by Emigrant Partners, has made its second acquisition of the year and sixth in total by bringing on Fairhaven Wealth Management of Wheaton, Ill.
The Chicago-area advisor was founded ten years ago by Marc Horner, who will join Pure Financial with his team and just under $900 million in client assets.
“As we approached our 10-year milestone, we stepped back to explore what it would take to accelerate our impact–without losing the fun and personality that defines us,” Horner said in a statement. “In Pure, we found a kindred spirit.”
The move deepens San Diego-based Pure Financial’s advisor presence in the Midwest and expands its expertise in retirement consulting, an area Pure is “looking to build,” Jason Carver, CFO and managing partner said in a statement.
Pure has backing from minority investor Emigrant and private equity firm Lee Equity Partners.
Emigrant played a role in connecting Pure to Fairhaven, according to the announcement.
“We were thrilled to help bring these two like-minded firms together,” Liz Nesvold, chair of Emigrant Partners, said in a statement. “Pure continues to chart one of the most dynamic organic growth stories in the RIA space–thoughtful, client-centric, and intentional.”
Hue Partners and the law firm Brightstar Law Group represented. Katz Teller represented Pure.