ParenteBeard adds two advisory firms, looks to expand further
ParenteBeard Wealth Management has bought two small investment advisory firms as it looks to expand its footprint as an independent practice.
The firm, headquartered in East Lampeter Township, Lancaster County, said Friday it recently bought SFC Asset Management Inc. and Hauck Wealth Management. The acquisitions are ParenteBeard Wealth Management's first as a standalone company.
SFC was based in Centre County, near State College, while Hauck was in Lancaster County. The two firms had five employees, four of whom stayed with ParenteBeard after the merger, and a combined $195 million in assets under management, said Angie Stephenson, a partner at ParenteBeard.
The acquisitions also added a Wormleysburg office and a State College-area office to ParenteBeard, which now has six locations in Lancaster, York, Dauphin, Centre and Berks counties.
Professionals from SFC joining ParenteBeard include James Karchner, past president of SFC, as well as James Adelsberger of the company's York branch and Debra Sherman of its Wormleysburg location. Edward Hauck, founder of Hauck Wealth Management, has also stayed on with ParenteBeard.
Once part of a larger firm, ParenteBeard Wealth Management broke off on its own after Chicago-based Baker Tilly acquired the main accounting practice in 2014. Its leaders plan to continue looking for ways to expand as a standalone practice, primarily in Pennsylvania and potentially in bordering states.
"We will continue to look for opportunities to acquire practices and firms that are similar to us in culture and their approach to working with clients," Stephenson said. "We look for advisors and firms that are fee-based, transparent and deliver comprehensive financial planning and investment advice to their clients."
ParenteBeard has 32 employees and $1.2 billion in assets under management.