Connecticut-based WP Financial, steps in to acquire $95M financial planning firm
MORRISTOWN, NJ, Thursday, June 29, 2023 / Private Advisor Group, one of the largest and fastest-growing independent wealth management firms in the country*, has announced that WP Financial, a Private Advisor Group affiliate in West Hartford, Conn. has acquired a $95 million financial planning firm based in Simsbury, a neighboring community.
Founded and led by U.S. Army veteran, Bill Rabbitt CFP®, WP Financial is renowned for its comprehensive wealth planning approach leveraging research, technology and a focus on integrated generational financial strategies. WP Financial was approached for the acquisition, following the untimely passing of Robert Sheldon “Whitey” Thompson, President of Sage Financial Design (the acquired firm), recognizing their shared commitment to exceptional client relationships and community involvement.
Mr. Thompson was highly regarded in the financial profession and like WP Financial, had built an incredible legacy centered on strong client relationships and community involvement.
“Bob was a well-known figure in my hometown, and his work laid a solid and respected foundation for financial planning,” said Bill Rabbitt, owner of WP Financial. “Our goal is to honor his legacy, minimize any disruption for investors, and elevate their planning support through technological advancements and innovation. While upholding the professionalism and high-quality service that the firm is known for, we will optimize operations and introduce new solutions that benefit our valued clients.”
With four full-time employees, the acquired business will continue to operate in Connecticut as the Simsbury branch of WP Financial. Clients will now gain access to a broader team and range of financial planning solutions with enhanced technology. This expansion in Simsbury follows WP Financial’s previous addition of Elizabeth DeBassio and her practice to their growing team.
Anne Mortera, Director of Advisor Growth and Engagement at Private Advisor Group, remarked, “The unexpected passing of an individual is truly tragic. In our profession, it is crucial to honor the grieving process while ensuring clients receive timely and professional financial advice. Bill’s remarkable leadership, the financial strength of his practice, and the unique alignment between two financial leaders have facilitated this acquisition with little notice. We are delighted to have assisted in minimizing account disruption through our multi-custody offering. WP Financial’s dedication to clients is commendable, and we wish them and their new clients continued success and financial prosperity.”
Private Advisor Group empowers growth, provides access to leading technology, and expands the reach of financial guidance to investors nationwide alongside its community of 750 financial advisors. The firm offers legacy and succession solutions for financial practice leaders and stands as a multi-custody provider, allowing advisors the flexibility and choice in custodial services for clients’ assets.
About Private Advisor Group
Founded in 1997 in Morristown, NJ, Private Advisor Group is one of the nation’s leading financial services firms. With over $25 billion in assets under management as of December 31, 2022, the firm leverages its resources to deliver strategies positioned to improve financial outcomes for individual investors and to inspire growth, fiduciary adherence, succession, and a client-centric approach for independent financial advisors’ practices. Barron’s has recognized Private Advisor Group as a top ten registered investment advisory firm since 2019.
*Barron’s “Top 100 RIA Firms” ranking is based upon quantitative and qualitative criteria including: regulatory records, client retention reports, assets managed, revenue generated, technology spending, number of clients, size and diversity of staff, placement of a succession plan, and more. Investor experience and returns are not considered. Neither Private Advisor Group nor its financial advisors pay a fee to Barron’s in exchange for the ranking.
Securities offered through LPL Financial, member FINRA/SIPC. Investment advice offered through Private Advisor Group, a registered investment advisor and separate entity from LPL Financial.