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Wealthspire, a recently aggregated registered investment advisor with over $580 billion of client assets in the wealth and retirement space, has acquired Axia Advisory through its Fiduciant Advisors business.
Axia is an Indianapolis-based retirement plan consulting and investment advisory firm with $1.9 billion of assets under management and advice, run by a team of four people, according to its website. The deal further strengthens Wealthspire’s already large institutional advice presence, bringing in more plan sponsors and participants as well as Axia’s employee education services.
The move marks the first for Wealthspire’s institutional division, led by Chief Revenue Officer and President Mike Goss. gauss played this role shortly last year After Madison Dearborn Partners acquired Wealthspire, Fiduciant, Newport Private Wealth and Ground Control Global Insurance Brokerage Aon. According to a spokesperson, the combined entities now operate under the Wealthspire brand name, with Fiduciant’s institutional business fully transitioned this year to Wealthspire Institutional, and its private client business to Wealthspire Private Client.
“This reflects our broader strategy to unify the platform across wealth, institutional, retirement and business management under a single brand, while still preserving the specialized focus of each business line,” the spokesperson wrote via email.
Axia Advisory was founded in 1992 by Keith Shedrick, who was also the firm’s majority owner according to its latest Form ADV. The firm works in institutional retirement plan design, fee analysis, QDIA consulting, employee education, provider oversight, investment selection and fiduciary governance. It also does investment advisory, discretionary investment management and private wealth portfolio management.
“Keith and the Axia Advisory team have built a highly respected practice rooted in deep client relationships and fiduciary excellence,” Goss said in a statement. “His experience serving retirement plan sponsors and participants, along with his private wealth capabilities, make him a strong cultural and strategic fit for our platform.”
Axia Advisory will continue to operate out of its Indianapolis office and join Wealthspire’s more than 40 offices in the US.