SLO financial company that manages $1.2 billion in local assets is bought by national firm
On the heels of its founder’s death in February, a San Luis Obispo-based financial company that manages nearly $1.2 billion in local assets has been acquired by a national wealth management firm.
Wacker Wealth Partners, which was founded in San Luis Obispo in 1988, was bought by EP Wealth Advisors for an undisclosed amount. This was the second acquisition for EP Wealth in 2024 and its 31st since 2017.
Prior to the purchase, EP Wealth managed more than $22.3 billion in assets, according to the release. It provides client-centric financial, tax and estate planning and investment management services for both individuals and businesses, the release said.
“The Wacker team places client service above all other goals, which is just one of the many attributes we share,” EP Wealth Advisors CEO Ryan Parker said in the release. “Expanding our presence in this important market was a factor in partnering, but it is the way Wacker shows up for their clients, team members and others that sets them apart.”
With the purchase, Wacker Wealth Partners CEO Ryan Caldwell will join EP Wealth Advisors as regional director for Central California and President and COO Bryan Krill will become associate regional director, according to the release.
Caldwell told The Tribune the decision to join EP Wealth was a simple one.
“We decided to join EP because it became clear to us that it would be better for clients and employees,” he said. “It really is as simple as that.”
According to Caldwell, Wacker Wealth Partners had a strategic plan meeting a year ago to discuss the future of the company; during that meeting shareholders and management concluded the business “was a perfect match for a company that was already built out of Southern California.”
That was EP Wealth Advisors.
“In reality, it would have taken us 10 years to build what EP has built in,” he said. “And they are so perfectly aligned with our culture and our vision for clients that it was just an obvious union.”
Late Wacker Wealth founder leaves legacy of commitment to care
In general, Caldwell said local clients shouldn’t notice too much of a difference in the way the company operates beyond some “added capabilities that we gain with EP,” including access to CPAs and attorneys.
Caldwell said the only difficulty in the transition so far has been that the purchase’s finalization comes on the heels of the death of Wacker Wealth Partners founder and local philanthropist Bob Wacker in February.
“Dropping the Wacker name at a time when I think we’re all really missing him dearly, this is the hard part,” Caldwell said. “But I know that — at least for me, and I know for our team — Bob’s impact and connection was a lot more meaningful than a name on a building. So I keep reminding myself of that.”
Caldwell said Wacker “was very much a part of the decision to merge with EP Wealth,” and noted he even served on the subcomittee to select the company “as the obvious choice.”
“Bob believed that gaining the expertise that EP brings to the table was a real benefit for clients,” he said.
Though it has been hard to make the transition knowing Wacker was no longer there to provide guidance, Caldwell said his influence continues on in the work being done by employees.
“He leaves a really big legacy that I think goes beyond the success of of our business,” Caldwell added. “But just the way that he modeled serving serving others with genuine care. It’s something that I think will stick with all of us for our entire lives.”
Caldwell said a celebration of life is planned for Wacker at La Lomita Ranch in San Luis Obispo on April 24 at 1:30 p.m. The public is invited to attend.
This story was originally published April 17, 2024 at 2:27 PM.
CORRECTION: A previous version of this story gave the incorrect date for Bob Wacker’s death. It was in February.
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