News Summary
Composition Wealth has announced the acquisition of Blue Oak Capital in California and Centricity Wealth Management in Ohio, increasing its assets under management to $9.3 billion. This strategic move aims to enhance their presence across the United States, particularly targeting high-net-worth individuals and families. Under CEO Bruce Milam’s leadership, the firm is expanding its brand identity and service capabilities through these acquisitions.
Hauppauge, New York – Composition Wealth, a national wealth management firm, has announced the acquisition of two advisory firms, significantly increasing its assets under management to $9.3 billion. The acquisitions include Blue Oak Capital in Silicon Valley, California, and Centricity Wealth Management in Ohio, marking a strategic expansion for the firm across the United States.
The acquisition of Blue Oak Capital, which has approximately $289 million in assets under management, is aimed at enhancing Composition Wealth’s presence in California. Blue Oak, led by its founder Thomas Baker, is known for its strong focus on serving complex clients, aligning with Composition Wealth’s mission to cater to high-net-worth individuals, families, and business owners.
In addition to entering the California market, Composition Wealth has expanded into Ohio by acquiring Centricity Wealth Management. Founded by Chris and Wendy Ciehanski, Centricity manages about $192 million for 158 families and several charitable organizations. This acquisition illustrates Composition’s intent to broaden its reach and impact within local communities.
Under the leadership of CEO Bruce Milam, Composition Wealth continues to pursue its growth strategy, building upon its recent rebranding from Miracle Mile Advisors. The acquisitions of Blue Oak and Centricity contribute to this momentum, with the firm now boasting a total of nine newly opened office locations across the country.
Both firms will adopt Composition Wealth’s branding following the completion of the acquisitions. This transition reflects a cohesive approach to developing a unified identity that reinforces the firm’s customer service philosophy and operational standards.
These strategic acquisitions align with Composition Wealth’s goal of targeting high-net-worth clients, including business owners and affluent families. As the firm prepares for future growth, it has identified additional markets for expansion, planning to target regions such as New York, Boston, Austin, and Dallas.
The acquisition of these firms also reflects a broader trend in the wealth management industry, where larger firms are increasingly seeking to grow through mergers and acquisitions. This trend highlights the competitive landscape for wealth management services, wherein establishing a substantial footprint across multiple states can enhance service offerings and customer reach.
Composition Wealth’s aggressive approach in securing these acquisitions suggests that the firm is focused on both geographical expansion and the diversification of its service portfolio. The integration of Blue Oak Capital and Centricity Wealth Management is expected to provide a smoother experience for clients, with access to enhanced resources and expertise.
This ultimate strategic positioning is set to propel Composition Wealth into a more advantageous position within the industry, allowing it to respond more effectively to the needs of its clients while also expanding its connections and influence across the country.
In summary, with a newly increased asset valuation of $9.3 billion, Composition Wealth’s acquisition activities signify a commitment to enhancing its service capabilities and geographic reach. These strategic placements of Blue Oak Capital and Centricity Wealth Management are integral to this vision, promising a robust approach to serving high-net-worth individuals and expanding the firm’s overall impact in the wealth management landscape.
Deeper Dive: News & Info About This Topic
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