WEST CHESTER, PA — Wealthcare Advisory Partners LLC added IAM Advisory and its $550 million in assets under management, expanding the $10 billion registered investment adviser while allowing the incoming firm to retain its brand and operational independence.
IAM Advisory brings eight financial advisers and five operations staff members to Wealthcare. The firm is led by father-and-daughter team Joseph Parsons and Holly Parsons Jinks.
The affiliation uses a revenue buy-down arrangement that gives IAM Advisory access to Wealthcare’s technology, operational resources and broader platform without requiring the firm to surrender its identity or operate as a fully integrated Wealthcare business.
“We can continue serving our clients and operating our business in the way we believe is best, while gaining access to the scale, technology and support of a larger organization,” Parsons stated.
IAM Advisory provides financial planning to individuals and families, with a focus on long-term financial and retirement planning.
The addition also broadens Wealthcare’s use of multiple affiliation structures as it competes for independent financial advisers seeking access to larger RIA platforms without adopting a single employment or ownership model.
Wealthcare offers hybrid and fee-only independent-contractor arrangements, W-2 affiliations and acquisition opportunities. The company positions those structures around varying levels of adviser independence and access to its technology and back- and middle-office operations.
Matt Regan, president of Wealthcare, cited that flexibility as part of the rationale for the IAM Advisory affiliation, stating that the arrangement gives the incoming firm access to Wealthcare’s resources while preserving its independence and identity.
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