Waverly Advisors buys Virginia’s Heartwood Wealth
Waverly Advisors has purchased Richmond, Virginia-based Heartwood Wealth Advisors, a practice managing roughly $1.7bn in assets.
Financial details were not made public.
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Established in 2013, Heartwood is directed by Steve Clarke, Sid Martin, Ben Gurley, and Wes Kaufman.
Its nine-member workforce will transition into Waverly, extending the buyer’s operational reach in Virginia across individual, family, and commercial client accounts.
Sid Martin said: “Heartwood has always been focused on understanding the full picture of our clients’ financial lives and providing thoughtful, highly personal advice.
“Joining Waverly allows us to preserve that approach while bringing additional resources and expertise to the families and business owners we serve. Our clients will continue working with the people they know and trust, now supported by the broader Waverly team.”
The transaction represents the 36th acquisition executed by Waverly since securing equity funding from Wealth Partners Capital Group (WPCG) and HGGC’s Aspire Holdings platform in December 2021.
Waverly CEO and president Justin Russell said: “Heartwood and Waverly are grounded in many of the same principles. Those values are reflected in the enduring client relationships and collaborative cultures that define both organisations. We are proud to welcome the Heartwood team to Waverly and look forward to building on that shared foundation.”
Formed in 1999 in Birmingham, Alabama, Waverly operates as a fee-only federally registered investment adviser.
The organisation provides wealth management, estate structuring, tax advisory, and financial planning to institutional entities, endowments, trusts, corporate retirement programmes, and high-net-worth individuals.
With more than 50 locations across the US and over 500 staff members, Waverly has been managing around $36.5bn in assets as of 25 September 2026.
