EP Wealth Advisors Buys California Firm

EP Wealth Advisors Buys California Firm
Patrick Goshtigian, chief executive of EP Wealth Advisers.

Torrance-based registered investment adviser EP Wealth Advisors has acquired Northern California-based Homewood Capital Management Inc., EP Wealth’s 16th acquisition in four years.

The move takes the $13 billion-in-assets-under-management firm one step closer to becoming a national firm in size, according to Patrick Goshtigian, EP Wealth president and chief executive.

“We’ve had a good run and continue to be very active in the marketplace,” Goshtigian said. “More and more, we are the largest headquartered, independent RIA (registered investment adviser) in L.A..”

Goshtigian wants to continue to push the firm eastward with “the vision of becoming a national firm” over the next four years — a size that would bring it closer to $50 billion in assets.

Rivals in the independent RIA world include New York-based Marsh McLennan’s Mercer Wealth Enhancement Group and Overland Park, Kan.-based Creative Planning.

The purchase of Danville-based Homewood gives the highly acquisitive EP Wealth Advisors a larger footprint in Northern California.

Financial terms of the acquisition were not disclosed.

Homewood Capital founder William Wee, who brings more than a quarter century of financial services industry experience to EP Wealth, will assume the role of senior wealth adviser.

EP has been strategic in its growth trajectory, significantly enhancing its footprint in California and surrounding states, and has openly discussed plans to continue its  growth as it marches to becoming a national player.

Since taking a minority investment from Wealth Partners Capital Group of West Palm Beach, Fla,, in July 2017, EP Wealth has completed 16 acquisitions in California, Washington, Colorado, Arizona, Illinois, Texas and Utah.  

To date in 2021, the firm acquired the business of Abbas Heydari, a Torrance.-based adviser, and NewFocus Financial Group, a registered investment adviser with offices in Vancouver, Wash. and San Mateo.

The acquisition of Homewood closed on Aug. 27, and will increase EP Wealth’s assets under management by more than $120 million.

The firm managed more than $12.9 billion in assets under management as of June 30.

It’s other big competitor in Los Angeles County, where about half of its 210 employees work, is Sawtelle-based Aspirant, which has about $14 billion in assets under management.

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