Waverly Advisors, a Birmingham, Alabama-based registered investment advisor, has completed the acquisition of Smithfield Trust Company, a Pittsburgh-chartered trust firm managing approximately $3 billion in assets. The deal, announced on May 29, represents Waverly's 34th transaction since receiving equity backing from Wealth Partners Capital Group and HGGC's Aspire Holdings platform in December 2021.
Smithfield Trust, founded in 1996, provides integrated fiduciary wealth management services, including trust and estate administration, customized investment management, and tax and charitable planning, to clients globally. The firm is recognized as one of western Pennsylvania's largest money managers, known for its multi-generational client relationships. All 21 Smithfield professionals, including President and CEO Elizabeth Poggi and Chairman and CIO Timothy Rice, will join Waverly. Poggi and Rice will serve as co-regional directors.
This acquisition marks Waverly's first purchase of a state-chartered trust company, significantly extending its planning capabilities at a time when trust services are becoming a key differentiator in the independent advisory space. According to Cerulli Associates, comprehensive wealth managers—those offering full planning services including complex estate and trust strategies—manage nearly $200 million per advisor on average, compared to roughly $113 million for advisors focused primarily on investment management. Private banking and trust services also saw 34% growth among high-net-worth practices between 2017 and 2025.
Justin Russell, president and CEO of Waverly Advisors, stated that acquiring respected trust companies has been a long-standing goal. He emphasized that Smithfield's unified approach to trust, tax, and investment management aligns with Waverly's mission to build a cohesive, world-class service offering. The deal comes two weeks after Waverly closed the acquisition of WealthPlans and its affiliated tax firm Cooley & Associates, both based in Frederick, Maryland, adding approximately $250 million in assets and establishing Waverly's second location in the state.
Elizabeth Poggi noted that the acquisition unites the strengths of a premier trust company and a leading RIA, expanding resources and planning capabilities without compromising high-touch service. Mac Selverian, partner at WPCG, highlighted that Waverly continues to execute a differentiated growth strategy by connecting with firms that enhance its platform and expand capabilities.
The transaction underscores a broader trend in the wealth management industry, where trust services are increasingly viewed as a critical component for serving high-net-worth clients. As advisors navigate complex estate and tax planning, firms like Waverly are positioning themselves to offer comprehensive solutions. For more on trust-related developments, see Bryn Mawr Trust Advisors Promotes Four to Managing Director, Wealth Director Roles and Cresset Hires Bessemer Trust Veteran Mark Tremblay to Lead Family Office Services.
Waverly's growth trajectory, fueled by strategic acquisitions, positions it among the larger RIAs in the country. The firm now manages over $35 billion in assets, with a focus on expanding its footprint and service capabilities. The addition of Smithfield Trust is expected to enhance Waverly's ability to serve multi-generational families and complex client needs.
