The synergistic partnership, facilitated by Succession Resource Group, offers ongoing growth opportunities for both teams.
Portland, OR – January 8, 2024 – Symphony Financial Planning, LLC (Symphony), a leading fee-only RIA firm based in Davis, California with approximately $240m in assets, is pleased to announce a strategic partnership with Pure Financial Advisors, LLC (Pure), a San Diego-based RIA managing $4.5 billion in assets, facilitated by Succession Resource Group (SRG). This sell-and-stay transaction, completed January 2024, marks a significant milestone for Symphony, providing the firm with enhanced resources, a deeper investment team, and greater opportunities for growth, while ensuring the preservation of its legacy.
About the Transaction
After 17 years of building Symphony into a respected advisory firm serving the Davis and greater Sacramento area, Paul Meyerhoff, PhD, CFP, sought a partner who could continue his firm’s legacy and offer growth opportunities for his team. With more business coming their way and no succession plan in place, the need for a strong, culturally aligned partner became paramount. Meyerhoff commented on the decision:
“After building for the last 17 years, I was looking for a partner who could not only continue the legacy of serving clients in Davis and the greater Sacramento area but also ensure that my team has career paths and upside with a strong, organically growing firm, as I know M&A can only take you so far. Pure proved to be in a league of their own in terms of offering the culture, the growth, the service -offering, and the mission that we could all rally around.”
The deal was finalized after a 14-month engagement period, during which SRG helped Symphony navigate a competitive market, attracting interest from 74 potential buyers. Of the 15 elite buyers vetted and presented, Pure emerged as the ideal partner. The deal received 9.56x on earnings, 70% cash down, and the remainder paid within the first year, as well as terms that included a post-sale employment agreement for a minimum 24-month period, ensuring Meyerhoff’s continued involvement in the firm’s growth.
Jason Carver, CFO & Managing Partner of Pure Financial Advisors, shared his thoughts on the partnership:
“Our focus continues to be on growing organically, with a secondary aim at making very few, select acquisitions and partnerships wherein the culture, business, and strategic fit exists. In [this] case, the connection and opportunity between our business was so natural and outright compelling that both sides were eager to partner together.”
Kristen Grau, CPA, CVA, CEPA, Director of the Seller Advocacy Team at Succession Resource Group, commented on the transaction: “This partnership is a prime example of how thoughtful planning and proactive measures can result in a highly successful transition. By carefully selecting a successor who aligns with their values and vision, Paul Meyerhoff and Symphony Financial Planning have not only ensured the continuation of their client relationships but also secured a bright future for their team. Our role in facilitating this process highlights the importance of finding the right fit for both parties and underscores our commitment to guiding our clients through every step of their succession planning journey.”
This partnership, rooted in a robust investment team, expanded resources for client service, and enhanced service offerings, allowed Symphony employees and clients, as well as Meyerhoff, to secure a future where clients continue to receive the high level of care they’ve come to expect, while gaining access to new opportunities for growth and innovation.
