Cerity Partners Acquires $5B California RIA Firm – Financial Advisor IQ

Cerity Partners says it has merged with Bingham, Osborn & Scarborough to form a national wealth management practice with more than $40 billion in client assets.

Founded in 1985, San Francisco-based B|O|S offers financial planning, investment management and trust and estate planning to high net worth individuals and families, including corporate executives and entrepreneurs, in the Bay Area, according to Cerity Partners.

B|O|S had a little over $5 billion in client assets from around 3,600 accounts, according to its Form ADV revised in March 2020.

The combined firm will operate under the Cerity Partners name, according to the company. The companies didn’t disclose the financial terms of the deal.

As part of the merger, B|O|S president and chief operating officer Carol Benz will serve as chief people officer of Cerity Partners, while B|O|S principal David Newson will serve as chief marketing officer of Cerity Partners, the company says.

“Joining together with Cerity Partners accelerates the development of our long-term vision and allows us to offer a greater breadth and depth of services,” B|O|S chief executive officer Kevin Dorwin, who will become Cerity Partners’ San Francisco market leader, said in a statement.

For Cerity Partners, the merger “deepens our presence in and commitment to San Francisco and Silicon Valley,” Cerity Partners CEO and president Kurt Miscinski said in a statement.

Founded in 2009, New York-based Cerity Partners offers estate, financial, tax, compensation and benefit planning, as well as tax preparation, personal financial administration, retirement plan advisory and investment management services to private and corporate clients from 15 offices across the country, the company says.

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