Tim Decker initially turned to Greenspring Advisors as part of the succession planning for staff and clients of his Lancaster-based wealth management firm, ISI Financial Group.
- Greenspring, a larger firm based in Towson, Maryland, would take over if something happened to him, Decker said.
- But he decided not to wait, in part due to the challenges of hiring in today’s environment. ISI and Greenspring announced this week that they have merged.
- “The big driving force to me was very simple,” said Decker, who founded ISI in 1992 and hosts a weekly radio show on WHP 580 AM in Harrisburg. “I wanted to make sure, above all else, that my clients and my staff are taken care of, and we now are going to have much more resources and a deeper bench.”
- Terms of the deal were not disclosed, but Decker will become a partner and managing director at Greenspring. He said he does not plan to retire any time soon.
What’s Greenspring: Founded in 2004, Greenspring serves nearly 700 individual and corporate clients, with just over $6 billion in assets under management.
- Most of its 29 employees work in Towson, while two work at an office in Paramus, New Jersey, according to CEO Pat Collins.
- ISI brings nearly 475 clients and has assets under management of about $700 million.
- Greenspring will keep ISI’s Lancaster office — which has a staff of five in addition to Decker — and convert ISI to the Greenspring name over the next few months.
Why Greenspring: Decker said the two firms are closely aligned in their approaches to client experience and investments. Both firms are fee-only. Such firms are typically paid a fixed rate based on the assets of their clients.
- “It was a logical step that just unfolded,” Decker said.
- Being part of a larger firm also opens new career paths for ISI staff, he said.
- Clients, meanwhile, will benefit from additional support in areas like tax planning, business succession and 401(k) services.
What’s next: Greenspring plans to hire financial advisers and client-relationship specialists in Central Pennsylvania and will look for additional office space closer to Harrisburg, Decker and Collins said.
- The firm is open to further acquisitions, though it can be difficult to find the right partner, Collins added.
What’s the trend: The wealth management sector is expected to undergo a wave of consolidation over the next few years as owners retire and smaller firms look to compete more effectively.