Financial planning firm with 2 Maine offices acquired by California holding company
Gather Financial Planning, a wealth management firm based in Falmouth and Bangor, has been acquired by EP Wealth Advisors, a registered investment adviser that operates dozens of branches and is headquartered in Torrance, Calif.
Terms of the deal were not disclosed.
Michael Goldman and Abby Morton, who co-founded Gather Financial in 2013, have joined EP Wealth as vice presidents and advisors, along with three staff members.
In a news release Monday, EP Wealth said it has also picked up a Texas firm, Riley Private Client, and that the two acquisitions add over $240 million to the parent firm's assets under management.
EP managed roughly $28.9 billion in assets as of Sept. 30. The fee-only firm, founded in 1999, has more than 37 offices in 13 states, employs over 400 professionals, and serves some 15,000 clients.
“Partnerships with firms like Gather Financial and Riley Private Client enable us to extend our reach, offering clients the personalized attention of a boutique firm while benefiting from the resources and capabilities of the larger organization EP has built,” said CEO Ryan Parker.
In 2022, EP acquired Cribstone Capital Management, a registered investment adviser with offices in Augusta and Brunswick, founded by Scott Upham and Jeff Burch.
Upham and Burch, who now serve as regional directors and partners for EP, identified Gather Financial as a valuable addition, according to the news release.
The company said the deal will contribute to EP's recent growth in northern New England. Besides the two Maine tie-ups, EP purchased Portsmouth, N.H.-based Resolute Financial in 2023.
So far in 2024, EP has completed seven acquisitions.
“Joining EP Wealth will provide additional resources and expertise, such as tax and estate planning services, which will help us deliver even greater value to our current and future clients,” Goldman said.
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