The Charles Schwab Corp., the Westlake-headquartered financial giant, has acquired The Family Wealth Alliance, a leading community and provider of resources to family wealth firms serving ultra-high net worth clients.
Financial terms of the transaction were not disclosed.
Schwab said that Schwab Advisor Services and The Family Wealth Alliance will deliver the collective capabilities of industrywide relationships, thought leadership resources, and connections, along with technology to drive growth and success for professionals and organizations focused on ultra-high net worth clients.
“The Family Wealth Alliance is a remarkable organization that has curated a thriving member community while also making a significant impact on the ultra-high net worth space and the firms who serve this market,” Jon Beatty, chief operating officer, Schwab Advisor Services, said in a statement. “We have both built our businesses through the eyes of our clients, which means strong alignment in the way FWA serves its members and how Schwab focuses on helping advisors grow and succeed. We’re thrilled to welcome FWA to Schwab and to continue to create exceptional experiences and provide valuable resources for family wealth firms and advisors serving ultra-high net worth clients.”
A shared vision to serve the market
Based in Chicago, The Family Wealth Alliance was founded in 2003 as a membership organization serving the family wealth community, including multifamily advisory firms, single family offices, registered investment advisers, professional services firms, and specialty providers.
“Joining Schwab opens an exciting new chapter for FWA at a time when the industry is not just growing, but also evolving as new generations of private wealth and the emerging talent who serve them come to the fore,” Tom Livergood, FWA founder and CEO, said in a statement. “Our combination is built around shared values of our members, FWA, and Schwab, and fueled by the desire to serve the family wealth industry at the highest level. Our members remain our priority, which is why we looked for a long-term partner that shares our vision and serves and understands this market like we do. We look forward to expanding the resources and services we can provide and to maintaining a vibrant community for decades to come.”
Schwab said that FWA members receive a customized experience aligned with each firm’s unique goals. Membership includes access to industry-leading research and educational content, exclusive events and leader roundtables, and curated connections.
Livergood, FWA President Rachel Hyman, and their entire team have joined Schwab as part of the acquisition, the company said.
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