Two Indianapolis-based firms—the Wellington Group and TrustWealth Strategies—have merged to create Wellington Wealth Strategies, an independent registered investment advisor with $750 million in assets under management.
The merger instantly enlarged the footprint of the firm, which now has six co-founders and 20 financial advisors serving clients across 40 states, according to a firm statement. Its headquarters will remain in Indianapolis, with two smaller offices in Crown Point and Fort Wayne, Ind.
Wellington Wealth Strategies will continue to offer investment management, retirement planning, estate planning and alternative investments even as it expands its retirement income planning and tax-planning services, the firm said.
"After a few years and many hours of deliberation, we decided that now was the right time to join synergies," said Greg Freeman, previously a founder of TrustWealth and now a founder of Wellington Wealth, by email. "TrusWealth’s young advisor core was looking for experience, knowledge, and leadership to continue to grow at an electric pace. We had a bunch of young, eager advisors but needed the Wellington Group to lead with their experience."
At the same time, the Wellington Group was ready to merge with a group that could bring energy and excitement to its organic growth.
"The financial industry is changing every day. We felt that if we don’t stay nimble and reinvent ourselves for where the industry is heading, then we may not be around in 10 to 20 years to serve and hold the commitments that we have made to our clients," said Tony Bonanno, founder and president of the Wellington Group. "We had to bring new ideas, cutting-edge technology, transparency, and a second-to-none type of experience to our clients and advisors to continue the growth both firms have experienced over the past few years. We realized doing it together with the right people and the right culture with trust and integrity was the way for everyone to benefit long term."
Bonanno’s new title will be founder and managing partner of Wellington Wealth Strategies. Founders Freeman and Joe Hillman will serve as partners, along with Tom Cates and Max Moritz. Chief Operating Officer Nate Miller will spearhead the firm’s continued growth.
Wellington Wealth Strategies is now focused on both organic growth and growth by acquisition.
"We’ll continue to reinvent our offerings to clients and advisors and work to always be ahead of the industry with our ideas and strategies," Bonanno said. "Most importantly, we focus on creating a long-term legacy for our clients and advisors’ books of business."