Waverly Advisors Strengthens Ohio Footprint with Brass Tax Wealth Management Buy

Waverly Advisors has taken a significant step in building out its regional network by acquiring Brass Tax Wealth Management, a long-established advisory firm based in Blue Ash, Ohio. The deal strengthens Waverly’s footprint in the Midwest and underlines its growing momentum as a national Registered Investment Adviser (RIA) benefiting from a private equity-backed growth model.

Deal Summary

• Acquirer: Waverly Advisors, a fee-only RIA offering investment management, financial planning, tax and estate advisory, and wealth planning.
• Target: Brass Tax Wealth Management, located in Blue Ash, Ohio, founded by Neal Schulte in partnership with his children, Nick and Leah.
• Services: Brass Tax offers a mix of wealth planning, investment management, and tax strategies tailored to its HNW clients.
• Assets: The acquisition adds approximately $465 million in AUM to Waverly.
• Leadership & Team: The full Brass Tax team, including Neal, Nick, and Leah Schulte, will join Waverly, maintaining their client relationships and continuity.
• Strategic Rationale: Waverly sees strong cultural alignment with Brass Tax and values its client-centric philosophy. For Brass Tax, the deal provides enhanced technology, back-office infrastructure, and scale to better serve clients.
• Ownership & Funding: This is Waverly’s 25th transaction since its equity backing from Wealth Partners Capital Group and HGGC’s Aspire Holdings platform.
• Financial Impact: With the transaction, Waverly’s AUM rises to approximately $19.9 billion as of the closing date (September 12, 2025).
• Deal Close: The acquisition officially closed on September 12, 2025.

Industry Context

The wealth management sector is continuing to consolidate, particularly among RIAs seeking scale through targeted acquisitions. Waverly’s purchase of Brass Tax reflects this broader pattern: rather than pursuing generic roll-ups, the firm is selectively integrating high-quality, founder-led businesses that share its values and client focus.

Consolidating wealth firms in regional markets like Ohio allows a platform like Waverly to broaden its geographic reach and add high-trust relationships. At the same time, regulatory pressure, the need for digital infrastructure, and clients’ demand for integrated planning (investment, tax, estate) favor larger, scaled RIAs with strong service platforms.

Lower-Middle-Market Roll-Up Perspective

From a platform M&A strategy standpoint, the Waverly-Brass Tax deal is highly illustrative:

1. Value-Based Partnering: Waverly did not simply buy out Brass Tax’s business - it is bringing over the entire team, preserving leadership, and maintaining continuity for clients.
2. Operational Leverage: By integrating Brass Tax, Waverly can layer its technology, compliance, and back-office systems, freeing up the Brass Tax team to focus on high-value client relationships.
3. Platform Acceleration: This is Waverly’s 25th acquisition since its equity investment in late 2021, underscoring its aggressive but disciplined M&A strategy.
4. Market Density: The addition strengthens Waverly’s Ohio presence, helping establish critical mass in a key regional market.
5. Scalable Growth with PE Support: Backing from Wealth Partners Capital Group and HGGC enables Waverly to execute add-ons strategically, without diluting its service culture.

Why This Sector Is Attractive for Roll-Ups

• Fragmented RIA Landscape: Many high-quality advisory firms remain independent and founder-led, offering potential for platform consolidation.
• Succession and Continuity Needs: Many boutique RIAs face succession challenges; joining a platform provides a path to preserve legacy.
• Recurring & Diversified Revenue: Advisory firms generate fee-based income across investments, planning, and tax services.
• Scale Economics: Platforms can centralize compliance, operations, and technology, driving efficiency.
• PE Backing: Private equity investors see RIAs as attractive roll-up targets due to recurring revenue and client longevity.

Conclusion

Waverly Advisors’ acquisition of Brass Tax Wealth Management is a strategically significant move: it brings in a respected Ohio firm, preserves its culture, and adds meaningful AUM. For Waverly, it continues to execute on its national growth via value-aligned partners. For Brass Tax, the deal promises enhanced infrastructure and scale without sacrificing its core identity.

This transaction reinforces the compelling narrative of RIA consolidation: platforms supported by capital are partnering with talented, independent advisors to build integrated, sustainable wealth businesses. For founders and operators, the Waverly-Brass Tax deal is a clear example of a roll-up done with intentionality, respect, and long-term vision.