The latest deals and transactions in and around North American wealth management.

Edelman Financial Engines, the Santa Clara, California-based wealth planning and investment advisory firm, has bought Erman Retirement Advisory, a registered investment advisor.

The transaction closed on December 12. The acquired firm, founded by Howard Erman, manages $210 million in assets for more than 200 clients. It is based in Seal Beach, California.

“Erman Retirement Advisory’s planning-first philosophy, proven record of successfully helping clients to achieve their retirement goals, and strong attention to client service closely aligns with our own wealth planning approach,” Suzanne van Staveren, executive vice president and chief financial officer, Edelman Financial Engines, said. “Our innovative technology and marketing capabilities allow us to seamlessly integrate RIAs of any size and geographic footprint. This acquisition is another example of how we’re attracting exceptional firms that fit our strategy to offer a modern wealth planning experience for clients.”

Edelman’s purchase of Erman Retirement Advisory follows that of another Californian business, Herrmann & Cooke in October. It also acquired Smart Investor in August, which added to its small business retirement plan capabilities. In 2021, Edelman acquired Washington-based Viridian Advisors, growing its advisor network in the Pacific Northwest and adding capabilities in tax planning.

Baker McKenzie served as EFE’s counsel in connection with the transaction. Ballard Spahr served as Erman Retirement Advisory’s counsel, while ECHELON Partners served as the advisor.

Edelman, which was founded in 1986, has more than 145 offices across the country. It is entrusted by more than 1.3 million clients to manage $227 billion in assets.