Birmingham, Alabama-based RIA Waverly Advisors announced on Wednesday that its parent company acquired the equity of Smithfield Trust Company, a Pittsburgh-based firm that manages about $3 billion in assets. The transaction, which closed on June 12, expands Waverly’s trust service business, it said.
Smithfield was founded in 1996 and provides fiduciary wealth management services including trust and estate administration, customized investment management, tax and charitable planning, and estate planning to clients worldwide.
“Acquiring respected trust companies has been a long-standing goal of Waverly’s,” according to Justin Russell, CEO and President of Waverly Advisors. “Smithfield’s unified approach to trust, tax and investment management directly supports Waverly’s mission of building a cohesive and world-class service offering to better serve our clients.”
Smithfield is led by Elizabeth Poggi, its CEO and President, and Timothy Rice, its Chairman and Chief Investment Officer. Both of them will join Waverly as Co-Regional Directors, and they will continue to lead the 21 professionals joining Waverly through the acquisition, Waverly said.
“Trust, integrity and personalized service have always defined Smithfield’s client philosophy,” Poggi said in a news release. “This acquisition unites the strengths of a premier trust company and a leading RIA, significantly expanding the depth of resources and planning capabilities offered to clients, without compromising the high-touch service they have come to expect.”
“Our investment approach is grounded in customization, discipline and a deep understanding of each client’s complete financial portfolio,” Rice said in the release. “Waverly’s broader investment platform, combined with its highly experienced investment committee, strengthens our ability to create thoughtful, tax-efficient strategies and deliver positive, long-term outcomes for our clients.”
Turkey Hill Management advised Smithfield in the transaction.
Smithfield is Waverly’s 34th deal since accepting an equity investment in December 2021 from Wealth Partners Capital Group (WPCG) and HGGC’s Aspire Holdings platform.
Waverly had about $35.5 billion in assets under management (AUM) as of May 29, a number that excluded the assets managed by Smithfield.
Earlier this month, Waverly announced that it acquired WealthPlans, a wealth management firm based in Frederick, Maryland, as part of a transaction in which Waverly’s affiliate, Waverly Business Services, bought WealthPlans’ affiliate Cooley & Associates, a tax preparation and accounting services business. That transaction represented Waverly’s second location in Maryland, it said.
Other recent transactions by Waverly included its acquisition of the Promus Access and Promus Realty business lines, with approximately $3.1 billion in AUM as of June 30, 2025, from Chicago-based Promus Holdings and its subsidiaries late last year.
Waverly has 51 offices and a team of more than 450 professionals, it said.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
