OKLAHOMA CITY/OLD LYME — Leading independent wealth management firm Exencial Wealth Advisors (Exencial) has announced its agreement to acquire Willingdon Wealth Management (Willingdon), a North Carolina-based registered investment advisor (RIA), according to a press release issued April 30.
Exencial is based in Oklahoma City, Okla. and has offices in Old Lyme, Conn., along with Frisco and San Antonio in Texas.
Expected to close on June 1, 2020, the deal would add $800 million in assets to Exencial’s book of business and deepen its talent pool with 16 new employees, including five CFA charterholders.
Asked his reaction to the acquisition, Thomas P. McGuigan, CFP®, who serves as Principal/Wealth Adviser at the Old Lyme office, told LymeLine in an email, “We are excited by the acquisition of Willingdon Wealth Management,” noting, “The Old Lyme office of Exencial Wealth Advisors was the first office outside of the Oklahoma City main office to join Exencial Wealth Advisors. That was accomplished in 2006.”
He explained, “We were the experiment to see if offices separated by distance, but unified in mission and values, could operate efficiently on behalf of clients. That experiment was a success, and we have since added offices in Frisco and San Antonio, Texas. Willingdon will further expand our reach to the southeastern states.”
On inquiring whether the acquisition would affect the day-to-day operation of the office in Old Lyme, McGuigan responded, “There won’t be significant changes in the operations of the Old Lyme office. I do anticipate synergy between the Willingdon team and the rest of Exencial,” adding, “This has occurred each time a new office has been added.
He concluded, “That will work both ways. The Exencial team in Old Lyme has expertise that our other offices have tapped into, and we have benefited by the expertise of other offices.I expect that to continue with the Willingdon team.”
There is always a risk of consolidation when a merger of any sort occurs. We asked McGuigan whether there is any likelihood the office In Old Lyme will either be closed or moved to a new location. He replied, “No, that is not in the plans. We intend to grow the Old Lyme office. Just last year Exencial Wealth Advisors purchased the Old Lyme practice of Deborah A. Welles, CPA, and we have integrated their team into our operations.”
Willingdon specializes in investment management and develops personalized investment portfolios for each of their clients. They also provide a wide range of other services, including holistic financial planning, estate planning, trustee services and guidance on charitable giving.
Mike Kayes, Founder and President of Willingdon, commented in the press release, “Exencial’s tax planning capabilities in particular will greatly benefit our clients.”
In addition to its headquarters in North Carolina, Willingdon has satellite offices in Connecticut, Ohio and California.
Editor’s Note: Exencial Wealth Advisors is an independent registered investment advisory firm offering fee-only, objective financial planning, investment management and tax planning counsel to senior corporate executives, institutions, entrepreneurs and their families. The Old Lyme office is located at 83 Halls Rd., Ste. 205, Old Lyme CT 06371. For further information, call 860.434.5999 or visit their website.