Cary Street Partners acquires Richmond wealth management firm

Richmond-based Cary Street Partners said Tuesday it has acquired wealth management firm Seneca House Advisors, also based in Richmond.

The deal closed Monday, but the financial terms were not disclosed. The deal expands Cary Street’s presence in the city’s West End and marks the company’s 22nd office nationwide.

Seneca, led by financial advisers Elizabeth King, Matthew Daniel and Tyler Napier, was founded by Daniel in 2015. According to the firm’s most recent SEC Form ADV filing, Seneca House Advisors managed about $506 million in client assets before the acquisition.

Cary Street said the Seneca advisors will continue serving clients from their current office at 5609 Patterson Ave., operating under the Cary Street name.

“Richmond is where Cary Street Partners got its start, so there is something particularly meaningful about growing right here in our home market,” Cary Street CEO Joseph R. Schmuckler said in a statement. “Elizabeth, Matt and Tyler bring deep expertise across financial planning, legal and behavioral finance, backed by an exceptional group of professionals. Welcoming a group of this caliber into CSP is exactly the kind of thoughtful growth we look for, and it is especially rewarding to see it take root in our own backyard.”

All eight employees who worked for Seneca will join the company. Cary Street said King, Daniel and Napier bring decades of combined experience in wealth management, financial planning and portfolio management. They are joined by professionals specializing in client relationship management, paraplanning, operations and administration.

“Matt, Tyler and I have spent our careers building a practice around thoughtful planning and genuine relationships with our clients and finding the right firm to help us build on that foundation was essential,” King said in a statement. “Cary Street Partners shares our client-first philosophy, and we’re excited to begin this next chapter with a firm that is investing in Richmond as intentionally as we are.”

She said the partnership allows her team to continue delivering personalized advice to clients, but backed by greater scale, enhanced capabilities and broader investment.

Founded in 2002, Cary Street manages more than $13 billion in client assets across all subsidiaries.