Verdence Talks National RIA Push After Largest Acquisition in Investment News

Verdence Maryland RIA reaches $5B by adding $564M Harvest Investment Consultants, with CEO Leo Kelly aiming to become a “national brand in five years” – shared in Investment News article.

Verdence Capital Advisors, a Maryland-based RIA and multi-family office, has acquired Harvest Investment Consultants. It is the largest acquisition in the firm’s history. The Verdence Harvest acquisition adds Harvest’s $564 million in client assets and its 10-person team, led by Michael Meily, which brings Verdence to $5 billion in assets under management. It is Verdence’s second acquisition since the firm sold majority ownership in April to Wealth Partners Capital Group and HGGC’s Aspire Holdings.

CEO Leo Kelly, who founded Verdence in 2017, told InvestmentNews that the firm plans to build a significant East Coast presence and then expand west, with a goal of becoming a national brand in five years. Kelly said he expects several more acquisitions this year. The firm is focused on RIAs with $500 million to $1 billion in assets and a client-first culture. Verdence is also hiring a chief technology officer to build out its AI infrastructure, along with a head of family office and a head of estate planning. “We’re an integrator,” Kelly said. “We want folks that fit our culture.”