January 18, 2023
Wealthcare Advisory Partners LLC (“Wealthcare” or the “Company”), a technology-enabled full-service RIA that supports independent financial advisors and a NewSpring Holdings platform company, today announced the acquisition of Sommers Financial Management (“Sommers Financial”). This deal marks Wealthcare’s third RIA acquisition in the past six months and expands the Company’s presence in the direct advisory market.
With advisors in Scappoose, OR, and Tucson, AZ, Sommers Financial was founded in 2002 and advises on more than $100 million in assets under management (“AUM”). Following this acquisition, Wealthcare’s advisor team includes more than 150 wealth management advisors across the country with $5 billion in AUM.
“We are thrilled to partner with Adam Sommers and the entire Sommers Financial team. Adam has built a top-notch organization that focuses on holistic financial planning and goals-linked investment solutions, the exact philosophy that Wealthcare has built our entire business upon,” says Matt Regan, President of Wealthcare. “We will work diligently together to continue Sommers Financial’s superior client engagement and impressive growth as they transition into the Wealthcare network. Our integrator approach to M&A growth enables our group to benefit from the experience of our new partners while we strengthen our comprehensive offering for advisors. We look forward to learning from the Sommers team as we strive to make Wealthcare even better.”
Led by founder Adam Sommers, the Sommers Financial team will remain fully engaged with their clients. Sommers Financial’s goal of planning effectively and investing efficiently for their clients will be enhanced through their access to Wealthcare’s proprietary goals-based technology platform and its broader wealth management services offering. Sommers states, “I’m excited to join Wealthcare, a firm that shares our values and offers a compelling solution through their proprietary technology and industry-leading support services. The Sommers team has always excelled at servicing our clients, and this combination will provide us an even greater ability to focus on driving successful client outcomes.”
“Congrats to the Sommers Financial and Wealthcare teams on this exciting acquisition,” says Jim Ashton, General Partner NewSpring Holdings. “This partnership underscores Wealthcare’s commitment to provide like-minded wealth management practices an industry-leading platform that leverages a robust technology and servicing offering to enhance the client experience.”
About Wealthcare
Wealthcare architected its original goals-based planning and investing methodology more than 20 years ago and holds 12 patents on its established goals management process. Powered by its patented Comfort Zone®, Wealthcare’s approach features innovative, personalized experiences and step-by-step tools that create deeper relationships between advisors and investors. Wealthcare empowers firms and advisors to go independent and grow their advisory businesses by providing GDX360® – Wealthcare’s proven fiduciary process that seamlessly integrates planning, investing, and trading – and a full-suite of practice-management services. Wealthcare comprises two RIAs, Wealthcare Advisory Partners LLC and Wealthcare Capital Management LLC.
About NewSpring Holdings
NewSpring’s dedicated holding company with a strategy focused on control buyouts and platform builds, brings a wealth of knowledge, experience, and resources to take profitable, growing companies to the next level through acquisitions and proven organic methodologies. Founded in 1999, NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The firm manages over $2.5 billion across five distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries.
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