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9-28-2022 11:24pm
Acquisition of Westwood Wealth Management Firm Establishes East Coast Presence for EP Wealth Advisors
Darlene Cancell
Editor
Minot Wealth Management, LLC (Minot) a Westwood based registered investment advisor (RIA) with seven employees focused on serving ultra-high-net-worth clients, has been acquired by EP Wealth Advisors, LLCÂ (EP Wealth), an RIA located in Torrance, California with about 300 employees in California, Washington, Colorado, Arizona, Illinois, Texas and Utah and now Massachusetts.Â
The acquisition, which closed on September 23, 2022, is part of EP Wealth’s growth strategy which has resulted in about twenty-five acquisitions over the past four or five years. Acquiring Minot has given EP Wealth a presence on the east coast for the first time.
Minot is a fee-only RIA specializing in comprehensive financial and estate planning and portfolio development for their clients. William“Bill” Corcoran, one of three founders of Minot, described the start of the company in April 2019 as a collaboration of likeminded colleagues. Mr. Corcoran, together with Brian Mulvey and Patrick Donovan, began the firm with a focus on ultra-high-net-worth clients. In just a few years, Minot had grown to approximately $1.1 billion in AUM.Â
Following Minot's acquisition by EP Wealth, all three founders of Minot will assume the roles of Managing Director/Partner at EP, and all of Minot’s staff members will also join the EP team. Mr. Corcoran’s job will be focusing on growth while Mr. Donovan and Mr. Mulvey will focus on advising their personal clients.
EP Wealth is on a mission to provide clients with personalized service through integrated financial planning, investment management, and tax and estate planning. The firm manages more than $15.1 billion in assets as of Dec. 31, 2021, and provides client-centric financial planning and investment management services to individuals and businesses. But while the company has had a heavy presence on the west coast, until now, it lacked an office in the eastern time zone.
"From a geography standpoint [], obviously the greater Boston area is a very attractive metro area. So, as our first flag on the east coast, it was a very interesting spot,” observed Patrick Goshtigian, CFA, CEO of EP Wealth, of the acquisition.
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An even greater draw to the acquisition than geography, however, is a likemindedness among companies, Mr. Goshtigian emphasizes. “It’s ultimately all [about] people and culture. . . . It’s not really as much about the geography as much as it is about finding likeminded firms. And that’s what we found in Minot. They’re client-centric focused and [] their likeminded, same culture made them a very attractive partner for us.”
“But also we were very interested in that they’re focused on the ultra-high-net-worth segment,” he adds. “We certainly have ultra-high-net-worth clients, but they [Minot] have a different focus on that client segment, and so it was very additive to us. And I think our broader services are additive to them and helpful for their clients."
The similarity in culture between EP Wealth and Minot includes a focus on planning and a desire to focus on the ultra-high-net-worth client segment, says Mr. Goshtigian. Also important is a working environment in which people like and respect each other and feel similarly about clients and their work, says Mr. Corcoran.
Regarding the definition of an ultra-high-net-worth client, Mr. Corcoran says, “We never put a dollar amount on it.” But he notes that a general idea may be an individual or family with net worth above $10 million. “They just tend to have different needs than what I would call a traditional client from both a planning standpoint as well as an investment standpoint,” says Mr. Corcoran. “One of the reasons why we decided to partner with EP was the extent of their planning, going beyond just your traditional financial planning but into estate planning and tax planning.”
“Joining a larger firm that provides significant additional financial planning, tax, legal and technology resources is the best choice we could make for our clients and our future,” states Mr. Corcoran. “We are excited about the benefits this new partnership will bring, providing our advisors with access to more tools than ever before as they deliver results on behalf of our clients.”
“EP and Minot are a strong fit,” says Nick Trepp, Principal at Wealth Partners Capital Group, a financial services holding company that invests in and partners with select wealth management firms. “As rapid consolidation in the RIA space continues, it is exciting to see EP cultivate partnerships with firms like Minot that share a client-focused approach while continuing to expand its national presence and adding important expertise.”
Thanks to EP Wealth Advisors for contributing its news and to Patrick Goshtigian and William "Bill" Corcoran for speaking with Westwood Minute.
