PHOENIX - PFM Financial Advisors has purchased Portland-based advisory firm Western Financial Group, and hired all of its members.
PFM announced the acquisition this week, citing the benefits of enhancing the firm's presence in the western region.
Pat Clancy, Mark Gardiner, Kieu-Oanh Nguyen and Chip Pierce will join the PFM Group as directors and will continue to be based in Oregon, PFM said. In business for more than 20 years, WFG has clients in five western states and serves a range of financial advisory and strategic planning clients. All of WFG's principals were members of PFM prior to forming their own firm.
"PFM is a firm that has always recognized the value of independent advice and has fostered the highest levels of integrity," Clancy said. "That is the same foundation upon which our firm was built, and we believe that the combination of the talents and resources of our group with the PFM personnel in the region and nationwide will put us in the strongest position to serve and grow our client base together."
PFM is already a consistent industry leader, leading all financial advisory firms with an almost 22% market share in the first half of 2016, according to Thomson Reuters data.
Western Financial Group topped Thomson Reuters' chart for Oregon financial advisors in 2015 and continued to lead in the first half of 2016, according to Thomson Reuters.
"We are absolutely delighted to have trusted professionals with such a well-respected reputation in public finance bring their expertise to PFM," said John Bonow, PFM managing director and chief executive officer. "As former colleagues, we know each other well and share much of the same advisory DNA that helps us focus on developing solutions to our clients' challenges. They have proven over many years that they share our culture of providing independent advice with the highest ethical standards and delivering outstanding customer service to their clients. This collaboration reaffirms PFM's continued commitment to having the best resources to serve clients in every region of the country and in every sector; it also enables us to bring an expanded range of financial services to the clients who will value them."
