Waverly Advisors Expands Trust Services with $3B Smithfield Acquisition
Event summary
- Waverly Advisors' parent company acquired Smithfield Trust Company, a Pittsburgh-based trust firm managing $3B in assets.
- The deal closed on June 12, 2026, marking Waverly's 34th transaction since its 2021 equity investment from Wealth Partners Capital Group and HGGC.
- Smithfield's 21 professionals, including leadership, will join Waverly as Co-Regional Directors.
- Waverly now manages approximately $35.5B in assets (excluding Smithfield's AUM) across 51 U.S. offices.
The big picture
This acquisition accelerates Waverly's strategy of building a comprehensive wealth management platform by adding specialized trust capabilities. The deal reflects broader industry consolidation trends as RIAs seek scale to compete with larger institutional players. With $38.5B in combined AUM (including Smithfield), Waverly is positioning itself as a formidable regional powerhouse in the wealth management space.
What we're watching
- Integration Challenges
- How Waverly will blend Smithfield's high-touch service model with its existing platform without diluting client experience.
- Regional Expansion
- Whether this acquisition signals Waverly's intent to strengthen its presence in the Northeast U.S. through additional regional trust firm acquisitions.
- Scale Advantage
- The pace at which Waverly can leverage Smithfield's $3B AUM to cross-sell additional services and deepen client relationships.
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