EP Wealth Advisors, a $44 billion fee-only RIA based in Los Angeles, acquired a California firm with around $900 million in assets, according to an announcement on Tuesday.
Menlo Park-based Opes Wealth Management was founded in 2005 by former Wells Fargo advisor Mark T. Duvall, who runs the practice along with Erin Whalen, according to the announcement. The RIA includes two other advisors and four support staff. They registered with EP Wealth on June 26, according to licensing records.
It is the second time that Duvall has sold the practice. He and a since-retired co-founder sold Opes to Flagstar Bank in 2017. At the time, it was primarily a mortgage originator with 39 locations and around $325 million in wealth assets. Duvall bought back the wealth business two years later, Opes advisor Tracie Southerland wrote in an email.
The RIA’s roughly 450 clients include employees at Apple and Google, according to its Form ADV and the announcement.
Duvall first registered with Wells’ private bank in 1997, according to registration records.
The acquisition establishes EP’s 12th California location and its fourth in the Bay Area. EP has completed five acquisitions so far this year, including in January a Scottsdale, Arizona RIA with $730 million.
EP is majority owned by its employees and minority backed by Berkshire Partners and Ares Management. A company spokesperson did not respond to a request for additional comment.