Coastal Bridge Advisors announced Wednesday the close of a three-way merger with Waddell & Associates and One Charles Private Wealth, forming a single registered investment advisor with more than $10 billion in assets under management as of June 30. The deal unites a family-run advisory firm with four decades of history, a Massachusetts practice known for its client-first ethos, and a Massachusetts-based RIA that traces its roots to 2008.
The newly combined entity will operate under the Coastal Bridge Advisors banner and will count roughly 20 partners among its 52 professionals. The firm now has offices in Hingham, Massachusetts; Milford and Westport, Connecticut; Charlotte, North Carolina; Memphis and Nashville, Tennessee; Fort Lauderdale, Florida; and Los Angeles.
David Waddell, former CEO and chief investment strategist of Waddell & Associates, steps into the newly created role of chairman and chief investment strategist at Coastal Bridge. He joins existing leaders Kevin G. Burns, the firm's founder and now co-chairman, along with CEO Jim Betzig, president Mark Dupont, and chief revenue officer Bill Loftus.
“It's an exciting time in the evolution of Coastal Bridge Advisors,” said Burns. “I am honored to welcome David as CBA's new chairman and chief investment strategist. His market acumen and the incredible culture he and his firm have built over four decades are a perfect complement to ours. Together with Paul Squarcia, Erik Wallin and their team from One Charles Private Wealth, we are stronger on many levels.”
Waddell emphasized that the merger was not about scale for its own sake. “This is about getting better for our clients,” he said. “We were never interested in growth for its own sake. What makes this opportunity different is that it allows us to preserve the values and personal service our clients expect, while adding broader planning intelligence, deeper investment capabilities and enhanced technology.”
Several executives from the merging firms are taking on senior roles. Paul Squarcia and Erik Wallin, co-founders of One Charles Private Wealth, become managing partners overseeing the Florida and Massachusetts offices, respectively. Perry Green, former CFO of Waddell & Associates, becomes chief planning officer. Sean Gould, formerly a partner at Waddell & Associates, will serve as managing partner for the Tennessee region.
The merger retires two established brand names. Waddell & Associates had operated for 40 years, built on family history, while One Charles Private Wealth had spent more than a decade cultivating a reputation in Massachusetts around its “circle of care” approach. Squarcia said folding both firms into the Coastal Bridge identity was designed to honor that legacy rather than erase it.
Coastal Bridge Advisors remains a network firm within Focus Financial Partners, the wealth management, family office and business management platform. Both Waddell & Associates and One Charles Private Wealth were also Focus network firms before the merger. The deal reflects a broader trend of consolidation among RIAs seeking scale and capabilities, as seen in recent moves like Cerity Partners' entry into Oregon and LPL Financial's recruitment of a UBS veteran.
