UHY, a national accounting and advisory firm, has completed a strategic combination with RBT CPAs, LLP, the largest certified public accounting firm in New York's Hudson Valley. The deal, announced Monday, significantly expands UHY's footprint in the Empire State and accelerates the growth of its wealth management arm, which launched as a registered investment advisor (RIA) in March.
The combination brings more than 175 professionals, including 23 partners, from RBT into UHY's platform. RBT, which has served the Hudson Valley for over 55 years, offers audit, tax, consulting, wealth management, and transaction advisory services. The firm's wealth management team will be integrated into UHY Wealth Management RIA LLC, which was registered with the SEC in March with $103 million in assets across 90 accounts and six employees, primarily serving pension and profit-sharing plans and high-net-worth individuals.
Once the integration is complete, the combined wealth practice will manage approximately $1.5 billion in assets, a more than 14-fold increase from UHY's most recently disclosed total. UHY has not specified a target closing date for the integration of RBT's advisory book. Steven McCarty, CEO of UHY, emphasized that the deal aligns with the firm's growth strategy and commitment to client service, noting that UHY will integrate its advanced technologies and international network to enhance operational excellence.
Michael A. Turturro, CEO and managing partner of RBT, framed the combination as a scale play rather than a strategic shift. He highlighted the cultural alignment between the two firms, both focused on entrepreneurship, middle-market clients, and personalized service. RBT will fully integrate under the UHY name, with existing client relationships expected to remain uninterrupted.
This deal is UHY's 15th strategic combination in recent years, part of a broader platform-building strategy that has expanded the firm's presence in South Carolina, Tennessee, and Ohio. The approach contrasts with a wider trend of tax and accounting firms being acquired by larger RIA consolidators. For instance, Modera Wealth Management recently folded in a New Jersey tax practice to build an integrated planning and tax group, while Creative Planning acquired an accounting and advisory firm in Florida to extend its combined platform.
One notable exception to the consolidation trend is Threadline Wealth, an independent RIA that spun off from Baker Tilly with backing from Cynosure Group. Threadline joined hybrid RIA Steward Partners and Savant Wealth in Cynosure's portfolio, highlighting the varied strategies firms are using to navigate the evolving wealth management landscape.
UHY's move underscores the growing convergence of accounting and wealth management, as firms seek to offer comprehensive services to clients. The combination with RBT positions UHY to compete more effectively in the middle market, leveraging RBT's established client relationships and local expertise. As the integration proceeds, UHY will likely continue to pursue similar deals to bolster its national presence and wealth management capabilities.
