ChangePath Acquires $700M RIA in California

October 15, 2020

ChangePath, whose platform offers back office and compliance services to RIAs, has acquired Partnervest Advisory Services in Santa Barbara, Calif., according to local news reports.

Founded by Ken Hyman in 2001, Partnervest offers a turnkey wealth management platform for financial advisors and clients, and adds $700 million in assets under advisement to ChangePath, the Kansas City Business Journal writes. 

ChangePath, founded in 2015, grew organically to around $1.3 billion and now to $2 billion after its first acquisition, according to the publication. ChangePath president Marty Pfannenstiel says the company is now looking at more acquisitions, the Kansas City Business Journal writes.

"We’ve been successful with organic growth, but now we’re interested in acquisitions of firms that have a similar structure of supporting registered investment advisers,” Pfannenstiel tells the publication.

ChangePath is affiliated with financial marketing organization CreativeOne and the stand-alone wholesale broker-dealer ClientOne, with all three firms operating independently but sharing common ownership through CM2 Holdings, the Kansas City Business Journal writes.

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By Alex Padalka
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