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Congress Wealth Management Increases Business by 70% with Acquisition of Pinnacle Advisory
Tuesday 04 May 2021

Boston, US-based registered investment advisor (RIA), Congress Wealth Management, LLC has acquired investment and financial planning group Maryland-based Pinnacle Advisory Group, Inc., adding USD 2.4bn in assets and increasing CWM's business by 70%, the company said.

The addition of Pinnacle's in assets and offices in Columbia and Miami will increase CWM's business to USD 5.8bn and seven offices nationwide, expanding presence to new markets on the East Coast and South Florida.

The transaction, which closed on April 30, 2021, was financially supported by CI Financial Corp. (TSX: CIX) (NYSE: CIXX), which holds an ownership stake in CWM as part of a US wealth management business with direct investments in 13 registered investment advisor firms with USD 56bn in assets.

The combination with Pinnacle deepens CWM's financial planning, trust planning, and tax expertise through access to Pinnacle's team of professionals, while Pinnacle clients will benefit from a wider range of investment products and strategies.

Congress Wealth Management provides wealth management and family office services to high-net-worth individuals, families, foundations and endowments, with an emphasis on comprehensive and customised client plans.
Date Published: 04/05/2021