Two newly merged Atlanta firms say their deal will let them offer the rich the same services now given only to the extremely wealthy.
Atlanta Capital Group and PFM Capital Holdings are joining to form a new firm with $1 billion in AUM, saying the deal will give them the scale to take clients with less than $20 million in investable assets.
Both Atlanta-based wealth advisory firms -- Atlanta Capital is a boutique practice and PFM a family -- say the deal will put them ahead of a national trend in providing ultra-high-net-worth services to a greater number of families.
These services include not only the basics of investment advice and financial planning, but also advice on family governance, planned giving and administrative work, the firm said.
The new firm will retain the Atlanta Capital name. No further details of the transaction were released.
The idea is to offer those concierge financial services to individuals and families that perhaps fall below that ultra-high-net-worth threshold, says Jeffrey Shaver, a managing partner of Atlanta Capital. This group -- and we are calling it families with between $5 [million] and $20 million -- is our sweet spot.
More than 100,000 families nationwide have a net worth in this range, according to Family Wealth Alliance in Wheaton, Ill.
PFM Capital Holdings has a similar client profile to ours, Shaver added in a release. We know many of the families that have invested there well.
Robert Atkinson founded PFM Capital Management in 1992 to meet the comprehensive financial needs of HNW individuals and families, corporate executives and family-owned businesses, according to the firm. He is now a managing partner with Atlanta Capital.
Shaver says the deal was driven in part by Atkinson, who was nearing retirement age and looking for a succession plan, according to Shaver.
We are fortunate that he chose us, Shaver says. Atkinson will be a member of the Atlanta Capital Group team so he will still be involved in his clients growth and success.
Shaver, David Millican and Jody Young, co-founded Atlanta Capital 10 years ago with $82 million in assets; its most recent ADV lists almost $645 million under advisement.