Memphis wealth manager Waddell & Associates, founded in the 1980s, has sealed a three-way merger with Connecticut-based Coastal Bridge Advisors and Massachusetts-based One Charles Private Wealth, creating a bigger multi-state advisory shop with more than $10 billion in client assets as of June 30, 2026. Leaders say the deal is designed to bolster planning, investment and technology muscle while keeping long-standing client teams in place.
What the Deal Does
The combined firm brings together about 20 partners and roughly 52 professionals spread across offices in Westport and Milford, Connecticut, Hingham, Massachusetts, and Memphis. The result is a single organization with more than $10 billion in regulatory assets, according to a press release from Coastal Bridge Advisors. The unified business will operate under the Coastal Bridge Advisors name, and the Waddell & Associates and One Charles Private Wealth brands will be retired, the release states. Local coverage by Daily Memphian has focused on what the combination means for the Memphis market.
Leadership and Strategy
Under the new structure, David Waddell, the longtime Memphis principal, will serve as chairman and chief investment strategist. Kevin G. Burns will remain a co-chairman and Jim Betzig will be CEO, according to the announcement. “It’s an exciting time in the evolution of Coastal Bridge Advisors,” Burns said in the release. Executives describe the merger as a way to bring in broader planning expertise and deeper investment capabilities while keeping the high-touch service clients are used to.
What This Means for Memphis Clients
Waddell entered the deal with roughly $2.4 billion in regulatory assets under management, based on its most recent Form ADV filing and its profile on AdvisorFacts. Folding that scale into a larger platform is expected to give Memphis clients access to expanded investment options, shared technology and more back-office support, according to industry filings and reporting. Coverage by Daily Memphian has framed the move as a bid to preserve long-standing client relationships while upgrading the operational engine behind them.
Bigger Picture: RIA Consolidation
The transaction fits into a national wave of consolidation among registered investment advisers, where independent firms look to gain scale, capital and operational backup by joining larger partner platforms. Focus Financial Partners, in its regulatory filings and Form 10‑K, lays out a common version of this model: keep local advisory teams and client relationships in place while centralizing functions such as technology, compliance and certain investment resources to help win bigger and more complex mandates. That playbook has become more common as the costs of technology, regulation and talent climb for mid-size firms.
Integration plans are expected to roll out in the coming weeks, with firm leaders saying clients will be contacted directly about any changes that affect them. For now, the message is that existing advisory teams will keep handling day-to-day relationships while the behind-the-scenes systems are combined.
