Cumberland County wealth management firm has new owners, leadership

PennLive.com.; February 14, 2022

By Daniel Urie | durie@pennlive.com

A company that invests in independent financial services companies has purchased a minority stake in a Cumberland County firm.

River Wealth Advisors completed the deal with New York-based Merchant Investment Management. The advisory group said the partnership with Merchant is part of its plan to accelerate growth. Terms of the deal weren’t disclosed.

Merchant said it provides growth capital, management resources, strategic opportunities and direction to independent financial services companies, particularly those focused on wealth and asset management.

“We have seen other firms in our region give up their independence through roll-up mergers,” Edward O’Gorman, CEO of River Wealth Advisors said in a news release. “We saw an opportunity with Merchant to uphold our promise to our clients and our team members by maintaining majority ownership and day-to-day operational control at the local level.”

RWA’s partnership with Merchant, which was announced this month, closed in September.

Robert Caplan and O’Gorman opened River Wealth Advisors in February 2015 in a previous office on Front Street in Susquehanna Township. River Wealth Advisors now has offices in East Pennsboro Township and Allentown. Caplan recently transitioned his ownership shares to O’Gorman and chief client officer, Rebecca Stevenson McClure. O’Gorman recently was named CEO at the firm. Caplan remains with the firm as executive vice president and wealth advisor.

River Wealth Advisors offers wealth management and retirement planning for individuals and business retirement plans, along with investment management for trusts and estates.