Alabama company purchases Smithfield Trust. The parent company of Alabama-based Waverly Advisors, a fee-only federally registered investment adviser, recently purchased the equity of Pittsburgh-based Smithfield Trust Co., a company providing comprehensive fiduciary wealth management services, for a nondisclosed amount. The transaction closed on June 12. "Acquiring respected trust companies has been a long-standing goal of Waverly's," Justin Russell, Waverly president and CEO, said. "Smithfield's unified approach to trust, tax and investment management directly supports Waverly's mission of building a cohesive and world-class service offering to better serve our clients. Smithfield's unwavering commitment to client-first principles aligns seamlessly with Waverly's philosophy." Smithfield President and CEO Elizabeth Poggi and Chairman and Chief Investment Officer Timothy Rice will join Waverly as co-regional directors. Smithfield's 21 employees also will join Waverly. Smithfield manages approximately $3 billion in assets and offers fully integrated fiduciary wealth management services such as trust and estate administration, customized investment management, tax and charitable planning, and estate planning. Waverly Advisors manages approximately $35.5 billion in assets and serves high-net-worth individuals, families, corporate retirement plans and institutional clients. The company has 51 offices nationwide and employs more than 460 people. The purchase is Waverly's 34th since accepting an equity investment from Wealth Partners Capital Group and HGGC's Aspire Holdings platform in December 2021.

$3.1B Acquisition establishes Waverly’s first Louisiana partnership BIRMINGHAM, Ala. — April 28, 2026 — Waverly Advisors, LLC (“Waverly”), a federally registered investment adviser (“RIA”) that specializes in investment management, financial planning and wealth management services for high-net-worth individuals, families, corporate retirement plans and institutional clients, has acquired TruWealth Advisors (“TruWealth”), a $3.1 billion (as of […]