Warren Averett Asset Management and Kinsight have combined to form the biggest fee-only financial planning and investment advisor firm in Alabama, with total assets under management over $2.2 billion.
Kinsight will add 160 clients and over $400 million in assets under management to Warren Averett’s over $1.8 billion in assets under management. Warren Averett Asset Management is part of the accounting firm Warren Averett CPAs and Advisors, which ranked 34th on Accounting Today’s 2017 list of the Top 100 Firms, with $124.4 million in annual revenue. Its asset management business ranked 19th on Accounting Today’s 2016 Wealth Magnets list of firms with the most assets under management.
Financial terms of the deal were not disclosed. As part of the deal, 11 people are joining the combined firm, including Kinsight founder Charlie Haines. His firm will maintain its offices in Birmingham, Ala. Warren Averett is also based in Birmingham.
“Charlie Haines, Kinsight’s founder, is a well-known leader in the financial planning industry across the country and a pioneer in the fee-only field,” said Warren Averett Asset Management president Josh Reidinger in a statement. “We have like-minded clients—successful and affluent families—and are grateful we can now offer even more ways to help our clients thrive.”
He met Haines through a religious connection. “Josh Reidinger and I actually met through a mutual friend at a local ministry,” said Haines. “We immediately connected, and when we looked at the overlap Warren Averett and Kinsight have in our investment philosophy and portfolio construction approach, a merger made perfect sense.”
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access