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Univest's acquisition of RIA firm Girard Partners almost two years ago may be just the beginning of an RIA buying spree.
With the integration of Girard largely behind it, the Souderton, Pa.-based bank is likely to consider buying others, according to Kevin Norris, president of Univest Wealth Management and president and chief investment officer of Girard Partners.
While "there's nothing on the table today," Norris says he anticipates that Univest will acquire additional RIA firms because "there are so many of them out there." Many RIA firms, he explained, are plagued by a lack of succession planning and are eager for buyers.
Indeed, the number of RIAs bought by banks so far this year is already greater than last year. According to mergers and acquisition firm Silver Lane Advisors, 24 RIAs, representing roughly $163 billion in assets under management, have been bought by banks this year. That compares with 23 RIAs with about $44 billion in assets under management that were bought by banks in 2014.
Norris, one of the founders...