Tribal-focused Ulrich Investment Consultants
has acquired an $800m shop in Kirkland, Wash.
Originally Published: CityWIre RIA News
Emigrant Partners-backed Ulrich Investment Consultants has pulled off its first acquisition. The $1.8bn Albuquerque, N.M.-based RIA has acquired Strategic Wealth Management, an RIA managing $800m in Kirkland, Wash. Ulrich, which also has offices in San Antonio, Texas and Spokane, Wash., has a dual-track business which focuses on managing the financial affairs of both wealthy individuals and families as well as Native American tribes. Citywire identified the company as the fastest-growing RIA in New Mexico in its 2021 ‘50 Growers Across America’ report. Strategic Wealth Management, which employs five staffers, also specializes in advising Native American tribes.
The company’s chief financial officer, James Sizemore, will lead Ulrich’s Native American tribal practice. From 1976 to 1986, Sizemore served as finance officer of the Confederated Tribes of the Warm Springs Reservation of Oregon. ‘The tribal side is pretty unique,’ said Ulrich chief executive John Ulrich (pictured). Asked whether he planned on making more deals, he explained that ‘there’s not a lot of acquisitions to make,’ since few firms focus on the space. Ulrich declined to comment on specific financial terms of this transaction but noted it was financed with a mixture of cash and earnout for Strategic Wealth Management’s key staffers.
‘They were looking to transition the business,’ Ulrich said of Strategic Wealth Management. ‘We decided that by combining firms at this point, it was really a great opportunity to not only help their clients make sure they had a good transition but then to be able to be able to build the teams and the business to continue to offer enhanced services for our clients as they grow and develop in the tribal space.’
Emigrant Partners, a serial investor in RIAs, took a minority stake in Ulrich Investment Consultants at the end of 2020. Backed by billionaire Howard Milstein, Emigrant Partners finances and structures transactions for its network of RIAs; the deal between Ulrich and Strategic Wealth Management was no different. ‘John and the team at Ulrich have truly become the destination for wealth managers focused on Native American tribes, which is an incredibly fast growing niche that requires tremendous knowledge and expertise,’ said Emigrant Partners chief executive Karl Heckenberg. ‘Emigrant was excited to work with both firms to finance the deal and get it closed.’