This acquisition is significant for several reasons. First, it expands EP Wealth’s reach into the Southeast region of the US. CornerCap’s client base is primarily located in the Southeast, making this acquisition a strategic move for EP Wealth to tap into a new market. Second, it strengthens EP Wealth’s capabilities in the investment management space.
CornerCap, a wealth management firm based in the Southeast, has experienced a significant leadership transition. Tom Quinn, the founder and CEO, will be stepping down from his role as CEO, but will remain as a senior wealth advisor. Cannon Carr, the current CEO, will be taking over as a regional director at EP Wealth. Richard Bean, the Senior Vice President, will also be transitioning to a new role within CornerCap.
In 2017, it sold a minority stake to Wealth Partners Capital Group (WPCG), an offshoot of the wealth management division of Affiliated Managers Group, which focuses on investments in growing RIAs (EP Wealth was one of WPCG’s three partner firms at launch, also including Forbes Family Trust and MAI Capital Management). Since 2017, EP Wealth has closed 33 deals, including four this year. The largest of the year was Wacker Wealth Partners, a San Luis Obispo, Calif.-based firm with about $1.2 billion in managed assets, serving 700 households and 27 institutional clients. In total, 22 team members joined EP, Including CEO Ryan Caldwell, who became Central California’s regional director, and COO Bryan Krill, who became an associate regional director. According to EP Wealth co-founder Brian Parker (there’s no family relation with CEO Ryan Parker), the firm wanted a presence on the Golden State’s central coast and felt lucky to find Wacker, as there were few firms in that region.
Sloan Investment Management specializes in providing financial advice to high-net-worth individuals and families. The acquisition of Sloan Investment Management by EP Wealth marks a significant milestone in the firm’s growth strategy. This move allows EP Wealth to expand its reach into new markets and tap into a new client base. It also strengthens EP Wealth’s position as a leading provider of wealth management services in the Dallas area.
